Indian banks are blocking Bitcoin payments and withdrawals

After many weeks of soaring, Bitcoin price is on the descent, and with that comes the frenzy to sell off. Bitcoin, which had a price close to $ 20,000 at the end of the year is now hovering at $15,000. To add salt to this wound, Indian investors are now facing another crisis all together. Users of many Indian Bitcoin exchanges have been facing difficulty with withdrawals as Indian banks are strangling bitcoin exchanges by blocking payments and withdrawals.

Presently, regulators across the globe, including India, have been struggling to comprehend the underlying blockchain technology and to develop an appropriate response to it.One of the main victims of this crisis is cryptocurrency exchange Koinex.

“In the past few days, many of our users have faced difficulties with INR withdrawals on Koinex. A tussle between our payment service partner and their bank has caused an indefinite delay in the settlement of a large portion of deposits to Koinex in the past 2 weeks. This created a bottleneck in the cash flow of user funds, thus hamstringing INR withdrawals on the platform,” writes Koinex in a blog post.

Sourced through Scoop.it from: in.pcmag.com

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