Banks in India, such as Citi, HSBC, ICICI, Axis, and HDFC, now require crypto owners to reveal information about their trading activities, The Economic Times reports. According to the source, customers of the banks received email notifications asking to provide clarification about transactions related to cryptocurrency.
If the customer fails to provide the requested information within 30 days, the bank will restrict transactions, the source says, quoting an email to customers from HDFC Bank. This action by the banks takes place amidst the Indian government deciding on a possible law that would ban all private cryptocurrencies, according to the source.
In another article, The Economic Times suggests that cryptocurrency holders started liquidating their assets amidst concerns about the possible ban. According to the source, quoting the CEO of an online banking platform for crypto, Cashaa, Kumar Gaurav, users moved over $2 billion from their addresses. However, besides the concern about the ban, now those who sold their crypto assets face paying income taxes, which, the source suggests, could be as high as 42%.