Indian police cannot exchange seized bitcoins due to government ban on cryptocurrency

FINALLY BITCOIN BANNED IN INDIA ? | BANK ACCOUNT FREEZE | CRYPTO TRANSACTION IN BANK NOT ALLOWED

Indian police cannot exchange seized bitcoins due to government ban on cryptocurrency

Pune police seeks permission through the court to transfer funds confiscated from the organizers of the financial crypto pyramid to the treasury.

Earlier, the local branch of the cyber police seized 244 units of cryptocurrency, mainly bitcoins, in the amount of $ 1.2 million. In order to convert virtual coins into rupees and transfer the proceeds to the state treasury, the police turned to Discidium Internet. However, the Reserve Bank of India has blocked the firm’s account for unauthorized digital currency transactions despite a government ban..

Representatives of Discidium Internet consider RBI’s actions unreasonable and demand unfreezing of funds, and the police turned to court for help.

The Reserve Bank said it relies on the provisions of the bill prohibiting any transactions with cryptocurrency without the prior permission of the central government. In case of violation of the regulations, the punishment may be imprisonment up to 10 years.

text: Ivan Malichenko, photo: BBC India