In India, there are a lot of banks that have frozen individuals account when they tried to liquidate their funds. This was due to the fact that in 2018, Reserver Bank of India had banned banks from facilitating any payments for transactions linked to cryptocurrencies. But with the Supreme Court directive in March 2020, the banks are free to do transactions involving cryptocurrencies if they have taken the necessary steps regarding it.
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But even though it's been more than 1.5 years since that directive and none of the public or private banks came forward to help investors liquidate their money. In the last 1.5 years, a major bank has frozen individuals account for transacting cryptocurrencies like ICICI deactivated ICICI Netbanking accounts of merchants who were involved in buying and selling cryptos either directly or indirectly.
So this was a major problem for Indians who wanted to liquidate their profits. I have been in the crypto space for more than 4 years and I have not withdrawn a single time, but I will and with banks not facilitating payments the only option I have is to use P2P. This is the only available option we have till now, but the good news is that Kotak Mahindra Bank has opened its doors to the crypto community by breaking the ice.
Kotak Mahindra Bank will start their business with WazirX (the country's largest crypto exchange), and the process has already started as WazirX has opened an account with Kotak Mahindra Bank which will be used to receive and pay money to crypto investors. I am not sure how much time it will take to be operational, but it is the right step in the right direction. The news came in the midst when the Indian government is to discuss the crypto bill in this parliamentary season.
Posted using LeoFinance Mobile