Cryptocurrencies have not been recognised by the RBI. …the only thing is to not encourage all these exchanges. The problem was earlier the Bitcoin was $200-$300. Today, one Bitcoin is over $15,000 so it has become more of a gambling thing… Who will get hurt we don’t know. But, when people get hurt, at that time they will blame the government ‘Why did you not ban it?’, ‘Why is your bank supporting this?’

The move by Indian banks appears to be part of a wider incentive by the government to rein in crypto fervor within the country. In recent weeks, new task forces have been setup to investigate exchanges and conduct tax surveys. Despite the obvious attempts to clamp down on exchanges, traders in India remain unruffled and demand continues to climb. Some exchanges, such as Unocoin, have reported a tenfold increase in account applications from the same time last year. Crypto is a hot commodity, and India has a lot of young, tech-savvy, and eager people wanting to get on board the blockchain train.