Most of the top banks in India gave a shock to the bitcoiners with the news of suspending accounts of major bitcoin exchanges in India.The reason for this closure was said to be suspicious dubious transactions carried through these exchanges.
According to sources the account of these exchanges were closed because banks found that they were used for reason other than stated at time of opening the account.
Indian government and Rbi has issued many warning from time to time against dealing in bitcoins.Bitcoin is still to be regulated in India as it is neither legal or illegal as of now.A recent survey nationwide showed that nearly 3.5 billion of transactions has been made in bitcoin.The income tax department has also sent notices to thousand of bitcoiners across India after they raided top bitcoin exchanges in the month of december last year.
Pavan Duggal, a Supreme Court lawyer specialising in cyber crimes stated
-''Considering cryptocurrencies are here to stay, the government must consider granting limited legality while ensuring that these are not used for crypto crimes," he said.
All the bitcoin enthusiast are eagerly waiting for any final verdict from the Indian Government.
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