The Indian banks are shutting accounts found to be involved in crypto trading and there has been an increase in such cases. However, the crypto users in the country have found a way to avoid the shut down of their account and still trade in crypto, reported Bitcoin News.
As per the banks, they are simply complying with the Reserve Bank of India, the central bank of the country’s guidelines. Under these guidelines, the banks are prohibited to serve any customer indulging in transactions in cryptocurrency. The publication was informed from a source from Instashift that the banks have been freezing accounts of the customers when they find words like “bitcoin” in the transaction remarks. He cleared that if the customer’s bank account “comes under scrutiny and the bank officers read the crypto keywords in remarks” then the banks will take an action of shutting the account.
The Chief Executive Officer [CEO] of crypto exchange in India Wazirx, Nischal Shetty told the publication:“Majority of the people understand not to enter such terms in the remarks. So simply avoiding entering anything related to crypto in the payment remarks is more than enough to avoid any problems from banks. There’s no other way for banks to know if a P2P transaction was done to transact in crypto.”
Many people who trade in cryptocurrency in the country, agreed with Nischal’s solution. A Twitter user @Cryptomaniac said that the use of peer to peer transactions without mentioning any crypto remarks could also help and that the individual should carry out the trade in fewer amounts rather than a “heavy transactions”. Peer to peer, an exchange-escrowed peer-to-peer style of trading has been gaining momentum in India, ever since the RBI ban. This service is provided by many crypto exchanges in the country.
Recently, one crypto-user from India posted on Twitter the conditions put forward by the banks and the obligation for the customers to abide by these rule by signing a contract. The banks like Kotak bank and Digibank were called out for it, especially the latter as it sent a message to a customer about freezing the account for tracking crypto related activities.
The statement from the bank read:
“We have observed few transactions in your account with brokers / traders, dealing in virtual currencies. Since these types of transactions are not permitted in India, we are constrained to place a credit freeze in your account. Further as per the extant guidelines, we are required to exit such relationships where transactions with brokers / traders, dealing in virtual currencies are observed.”
However, even after the account closure in one bank, people can open an account in another bank and continue trading or other crypto-activities without mentioning terms that highlight the cryptocurrency market. The Instashift spokesperson told the publication:“It’s easy to open a new account for a person in India & banks also welcome people to open accounts.”
He also mentioned that people can open various accounts but all of them are linked to the individual’s PAN card, which according to the source is similar to the social security number used in the US.
TRON (TRX) Long-Term Price Forecast- February 17
TRX/USD Long-term Trend: Ranging
Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook remains in a range-bond market. The bears return predicted in last week analysis remained strong within the range. The two EMAs were broken as the bears continue the downward journey.
TRXUSD dropped initially to $0.02448 and later to $0.02360 in the demand area. This was the low of the week on 14th February.
With price below the two EMAs crossover and the stochastic oscillator signal in the oversold region pointing up at 8%. It suggests a minor push to the upside before downtrend continuation within the range.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
Forbes releases newsletter dedicated to crypto targeting potential investors
Forbes released new premium newsletter dedicated to cryptocurrency and blockchain.
Forbes doesn’t seem to get enough crypto. The media giant gets deeper with the nascent technology with their new service, Forbes CryptoAsset & Blockchain.
The new premium-subscription digital newsletter contains in-depth coverage of blockchain, as an effort to establish Forbes as a prominent voice in the field.
According to Media Post, investor and co-author of CryptoAssets: The Innovative Investor’s Guide to Bitcoin and Beyond, Jack Tatar has been appointed as the editor.
While the contributors will be Forbes’ stable journalists that will interview notable figures in crypto space, such as Ripple’s CTO David Schwartz, cofounder and CEO of Zcash, Zooko Wilcox, and Morgan Creek Capital’s Mark Yusko.
“This newsletter is geared toward educating potential investors in blockchain and crypto, and the goal is to provide actionable and profitable advice,” said Matt Schifrin, VP and managing editor of Money & Markets at Forbes.
Despite its premium price, which is set at $595/year or $195/quarter, Forbes’ Senior VP of consumer marketing and business development, Nina La France claimed the early response as “solid”.
Speaking about future publishing plan, Schifrin reveals that Forbes will publish its first-ever Forbes Blockchain 50 list that covers most prominent firms in the crypto space in the coming months.
Is the list something worth waiting for? Stay with Chepicap to find out.
In the meantime, checkout Chepicap’s YouTube channel to find out about the current crypto market state.
Investment portal, TradingView launches premium crypto dashboard at 0.09BTC
TradingView, the investment portal just launched its very own Crypto Dashboard.
The platform known for its exhaustive and real-time information on everything related to trading and investment, TradingView just launched its crypto specific portal.
The crypto dashboard provides data from 25+ crypto exchanges, such as Binance, Bitfinex, Bithumb, BitMEX, BittrexCEX.io and Coinfloor.
The new platform aims to “equip” crypto traders with all things important to nail the trading activities, such as 25 technical indicators on a single chart, unlimited chart layouts and watchlists, 200 server-side alerts and the capability to connect 5 devices at the same time.
The “trading power” is offered in their premium plan that costs 0.09 Bitcoin/year, which the website says as a good deal as it means the lower the Bitcoin price, the higher the discount.
However, that also means that when the bull comes, it wouldn’t be that affordable to many people. Hopefully by then, TradingView would revise their pricing for the benefits of all parties.
The question is, when will the bull come? Check out Chepicap’s YouTube channel to get an idea about the current crypto market state.