The Indian Police is Unable to Cash Out Seized Cryptos due to RBI's Banking Restrictions.
If you are from the Indian crypto community, then you would be well aware of RBI's banking restriction. You will be aware that RBI has banned buying or selling private cryptocurrency in India. Due to RBI's banking restriction many cryptocurrency exchanges had to be closed. Due to this RBI's restriction, you can neither buy cryptocurrencies in Indian currency nor cash out cryptocurrencies in Indian currency.
RBI's impact of banking restrictions on cryptocurrency has now reached the Indian Police Department. The police have sold the seized crypto currency which is worth about Rs 8.42 crores (~1.2 Million) but the Indian police can't cash it out due to the current banking restrictions of RBI. Banking Restrictions of RBI has created trouble in front of the Indian police in cashing out the seized cryptocurrency. The police has converted it into rupees. The police seized this cryptocurrency last year from Akash Kantilal, convicted of the GainBitcoin Ponzi scheme. Police hired Discidium Internet Labs Private Ltd. to sell seized coins.
According to District government pleader Ujjwala Pawar - “The police’s plea is pending before the sessions court.”
The RBI issued a circular on 6 April last year to prevent all banks and payment system providers from dealing with crypto currency. The RBI specified prohibited service include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs."
The ban came into force 3 months after the issuance of the circular and the banks closed the accounts of the cryptocurrency exchanges causing the cryptocurrency exchanges to close. Among these exchanges, Koinex was also included. Koinex CEO revealed: “We have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of digital assets.” He continued: “Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers and vendors have had to answer questions from their respective banks — just because of an association with a digital assets exchange operator.”
"What do you think about RBI banking restrictions?" Give your suggestions in comment.
Thanks for reading,
Satya
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