Bitcoins Exchanges account Suspended by Banks in India

New Delhi Jan 20: In a major shock for people who purchase Bitcoins in India top bankers such as State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India and have suspected dubious transactions.

Sources said that "The banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational."

"The banks are scrutinizing current accounts held by top Bitcoin exchanges, Action has been initiated against the top 10 Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia" sources added.

Currently, Bitcoin is not legalized in India and many people hope that the upcoming budget would provide a clarity on the taxation of the cryptocurrency.