Trader: Indian banks have begun cracking down on cryptocurrencies

According to BlockBeats, CoinDesk reported on May 15 that although India has not officially banned cryptocurrencies, the country's banks appear to be cracking down on cryptocurrencies and trading platforms. Indian cryptocurrency traders received notices from banks, were asked about crypto-related transactions, and were warned that their accounts might be closed. Earlier news, although the Supreme Court of India ruled that banks could work with the cryptocurrency industry, as the crypto market boomed, the Reserve Bank of India informally urged banks to cut ties with cryptocurrency exchanges and traders. Three sources said India is drafting a law that will ban cryptocurrencies and punish anyone who engages in cryptocurrency transactions, which will be one of the most thorough blows to crypto investment. But as the new crown epidemic in India sweeps across the country, no one knows when the crypto bill will be passed, which also confuses investors.