Major Indian bitcoin exchanges report issues with fiat bank transfers

Is it indication of Indian govt. upcoming regulation on the crypto world

Indian bitcoin exchanges report problems with bank transfers
Bank transfer problems with major Indian bitcoin exchanges

Major Indian bitcoin exchanges report issues with fiat bank transfers

Is it what seems to be the preparation for Indian Govt. final statement on bitcoin?

Last few weeks have been full of adventures in the bitcoin world. With Bitcoin first reaching $20000 and then falling below $13000 has already raised concerns about bitcoin’s use as currency for global payments.

Meanwhile the drama of Indian govt. for regulating bitcoin has taken a new turn with major exchanges shutting down there bank transfer services.

Coindelta published on December 27th that they would disable instant deposit through bank transfer. Same updates were featured on the official updates from Zebpay and Coinome. Coindelta’s cofounder Shubham Yadav said in his medium post-

“ We are temporarily disabling the deposit feature of using IMPS/NEFT/RTGS w.e.f 27th December, 3PM IST until further announcements. This move has been decided upon due to transactional limitations using a third party. Any uncredited or failed deposit will be refunded in the regular time of 3–5 working days.

However the regular payment gateway and wallet features will be available. We are and will be aiming for minimum delay in withdrawals.”

Zebpay also raised the same concerns and released the new status for its Rs deposit options.

Zebpay’s updated status for Rs. deposit posing limitations on bank transfers

Another Indian exchange Coinome also released an official statement through its website about it’s current status for fiat bank transfers.

Coinome official statement one you sign in to account

The growing tension between exchanges and Govt.

Earlier, Zebpay came up with KYC for even bitcoin transactions. To give our readers a context initially exchanges only asked for KYC when you deposited or withdrew fiat currency and bitcoin transactions were set to be anonymous as it was one of the said advantages for transacting in bitcoin.

After Supreme Court sought the Centre and the RBI’s response on the need to regulate cryptocurrencies, including bitcoin, the Bengaluru investigation wing of the income tax (I-T) department carried out surveys at nine bitcoin exchanges across the country across various Indian exchanges.

The rise of interest around bitcoin is high in India

There has been a substantial rise in number of companies that been country with the word “bitcoin” as part of their business names. A large number of applications are still pending at the Indian Registrars of Companies.
There are even more businesses registered with the word “crypto” in their names, and several others are adding prefixes to the word “coin,” such as Bharatcoin, and Swachhcoin, the news outlet also detailed.
The filings for these new companies show a wide range of business activities such as the retail trade of personal household goods, financial intermediation, and investigative journalism. Some are also planning initial coin offerings (ICOs), the publication noted, adding that:
“Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and ‘articles of association’ to include ‘bitcoin’ or other cryptocurrencies to join the bandwagon.”

The future of Bitcoin in India

While the govt. has released a sufficient number of warnings regarding use and transactions in bitcoin, it seems now time for some strict actions. The key regulations seems to be taxation on capital gains over bitcoins. Any official statement on regulation of bitcoin from govt. Is still on hold though.

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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. Reach out to me at [email protected]

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