Crypto exchanges vs banks: Customers get caught in crossfire – Moneycontrol.com

Crypto exchanges vs banks: Customers get caught in crossfire – Moneycontrol.com

What worries governments and central banks about cryptocurrency is that if it becomes mainstream, they’ll lose control over monetary tools such as interest rates and the supply of money.

What worries governments and central banks about cryptocurrency is that if it becomes mainstream, they’ll lose control over monetary tools such as interest rates and the supply of money.

Cryptocurrency exchanges have been clamouring for more users to join them for years now, wanting to be as mainstream as stocks and mutual funds. Now as millions of new users queue up to invest in bitcoin and the meme-turned currency dogecoin, these exchanges are in a standoff with banks, which have been declining crypto transactions saying that crypto is under a regulatory cloud as per the banking regulator.

Crypto investors who hold bank accounts with private and public sector banks, including ICICI, HDFC and Union Bank of India among others have not been able to deposit or withdraw money from their crypto accounts at
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