Just relax,this is not an official announcement from Indian government or from RBI so no need to worry about someone's opinion.And even their restrictions not going to stop people dealing from LBC site.

there is no court ruling yet , at least nothing official
and I wonder what law are the banks quoting to their customers when closing their accounts?
I'm not a lawyer but  it sounds like it is illegal to the max
in any case, I hope Indian goverment won't do the stupid thing and won't ban cryptocurrencies

While this is what people are going to hope to think (at least in our small crypto community, it simply isn't the case), banks are going to be able to have free reign on removing these sorts of people from their banks because they know that they can without too much of an issue. Bitcoin doesn't have the stranglehold over the banking industry that people would hope that they have (yet again, in our community)


This part is true though, probably just with more fees involved as it's going to be p2p.

That's the same challenge we are facing here in my country banks freezing customers account who buys or sell btc

Can Indian use Payeer? AFAIK they support crypto trading and fiat deposit/withdrawal (in USD ofc). It might be an alternative, unless Payeer can't send money to Indian banks (not really following about them tbh).

It seems like lots of banks are closing accounts for crypto related activity all over the world. If it continues like this and more and more banks keep doing it, it could slow down the growth or at least have a sort of chilling effect on it.

Bitcoin will not be friendly with the central bank, even some central banks are trying to manipulate the price of bitcoin through investment institutions. I saw that RBI was not the only bank that carried out a similar policy, there were many countries that banned crypto, but I heard that many companies began to look at cryptocurrency as part of the investment, India also did that.

India conisdered introducing blockchain to help fight corruption
looks like the goverment is not very interested in this anymore
aand yes, central banks are against cryptocurrencies and in a country like India it is way easier to apply pressure
to not allow even the attempts to legalise bitcoins, I fear this long story will have a sad ending for India

One of the most corrupt countries doesn't see much value in using blockchain technology to fight corruption, sounds about right. Governments rule by breaking their own laws, so why should they try to implement something to fight it?

They will run on private blockchains without anyone knowing. For you nothing will change since the services they offer are still the same, but everything on their end becomes more efficient and easier to cheat.

I never believed that corporate or governmental blockchains have it in them to prevent corruption. It's a tool that allows them to become more crooked than ever before. You really need decentralized blockchains for that.

It's not surprising and it's not restricted to India. There's been lots of discussion about this among US users and traders going back several years. I personally know two people who have had bank accounts closed, presumably because of high volume activity linked to Bitcoin exchanges.

It even makes sense. Think about it: If you're a conservative bank and you have no idea how seriously Bitcoin exchanges are enforcing AML/KYC laws, would you want those customers moving loads of money through your bank? Probably not, because that opens you up to liability for AML violations. These days, banks are increasingly expected not only to know their customers, but to know their customers' customers.