While India does not yet have a legal framework for cryptocurrencies, the government has reassured its citizens that a crypto bill is already awaiting approval. Coin Crunch, an Indian crypto news outlet, reported on Monday that, “Many users are reporting Paytm is freezing bank accounts of Paytm payments bank account holders with suspicion of crypto trading”. Some customers also reported being asked to sign a declaration form confirming they, “do not deal in any type of virtual currency transactions” through their accounts at the bank.
If banks in India are so tough against the use of cryptocurrency by citizens, it is necessary not to use their services where it is related to cryptocurrency. After all, you can use cryptocurrency without being tied to bank accounts and bank cards. It must be remembered that banks clearly work according to the instructions that are given to them from above. Therefore, one should expect the emergence of regulations of the government and legislators of this country regarding the regulation of cryptocurrency. Only after that the banks will work in the legal field.
In the meantime, there is still a legal vacuum in India regarding cryptocurrency. Cryptocurrency is not allowed there, but it is not prohibited either. Everyone must decide on the laws to regulate cryptocurrency.