RE: Crypto crackdown in progress: It may only be a matter of time before your bank blocks you from purchasing crypto
Yeah and the same thing is happening in the United States, Canada, around the world. What do you think the practical and obvious result is if you cannot buy crypto with a credit or debit card?
Sure some people will go use Localbitcoins. Some will go on Steem. But if someone cannot sell the crypto for fiat it's just not going to be able to interact with the traditional economy. That is a de facto ban.
It's suppressing buying demand by making it artificially harder to acquire crypto. If the central banks all around the world mirror what was done in India then it only gets worse.
On Thursday, the Reserve Bank of India mandated banks, e-wallets, and payment gateway providers to withdraw support for cryptocurrency exchanges and other businesses dealing with virtual currencies in India.