Authorities in India have found themselves in a crypto-conundrum: they can’t access cryptocurrency seized from a Ponzi scheme because such transfers have been prohibited, reports Times of India. To make matters worse, police had hired the now-defunct cryptocurrency exchange Koinex to convert Rs 8.42 crore ($1.19 million) of the seized Bitcoin into local currency — but the company’s banking partner froze its account as a result. A series of requests have reportedly been filed with the country’s supreme court to resolve the matter. Specifically, a police petition challenges a Royal Bank of India (RBI) circular that bars financial institutions from handling virtual currency. A Koinex request…
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.2M seized from Bitcoin Ponzi stuck in frozen Indian bank account
Source: The Next Web
