190 Indian Banks Raided in Fraud Crackdown – Can Bitcoin Be an Alternative?

[cheezcarls]

India’s Central Bureau of Investigation (CBI) has performed a targeted raid on about 170 of the country’s banking locations in an attempt to crack down on fraud, which is reportedly rife in the banking sector. This once again leads to thoughts on how Bitcoin could be a financial alternative that avoids this – especially in a country which is anti-cryptocurrency.

It is reported that the fraud cases, of which there are 42 ongoing, amount to nearly $1 billion. As many as 1,000 CBI officers knocked on doors of the accused to collect evidence and question them across 16 states and at 15 nationalized banks.

With banking fraud rife in the country, one way in which a population could fight back would be to look towards decentralized cryptocurrencies such as Bitcoin. However, India is one country that has taken a rather hardline stance towards the integration of cryptocurrencies leaving citizens with minimal options or alternatives.

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I'm gonna ask some of the India-based crypto enthusiasts here. Now that there are lots of fraud cases happening in the country, and 190 banks are being raided for the crackdown, does this mean it will be an eye opener for the Indian government to think twice about banning Bitcoin and cryptocurrencies in the country?

I would love to hear your feedback about this one guys. Cheers!

[Zed0X]

How about integrating blockchain technology first before jumping into cryptocurrencies?

[Goodcat49]

It could be, but the Indian government hates cryptocurrencies, unfortunately.

[btcto200k]

The indian government is slow when it comes to Blockchain regulations. This case is pending in the Supreme court for a couple years and the date just gets pushed. Bureacracy is killing the system. Meanwhile, indians develop Blockchain tech and move to other countries. Nothing you can do about it.