Bitcoin trade is under fire from critics in India, as many of the country's largest banks have suspended or significantly curtailed the functionality of the trading accounts. The State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have all taken strong measures in favor of crypto trading, either by closing accounts, either by severely limiting the features. Banks cite risk of suspicious transactions, according to local reports

The news follows the request of lawyer Bivas Chatterjee who recently filed a Public Interest Litigation (PIL) in Calcutta for impose immediate settlements on Bitcoin and other cryptocurrencies. In addition, the Ministry of Finance has qualified Bitcoin ponzi system before the end of last year.

Increasing scrutiny of cryptocurrency by governments has led banks and private institutions to stop supporting global trade. More recently, Metropolitan Bank immediately ended all electronic transfers for cryptocurrency trading, leaving many transactions stranded in cyberspace.

The international mood towards Bitcoin continued to tighten, especially with US Treasury Secretary Steven Mnuchin. The G20 countries will start working together to ensure that Bitcoin and other cryptocurrencies are properly regulated.