The funds were blocked in the Discidium Internet bank account. Discidium Internet was hired by the police to convert the seized crypto units into rupees. The police of Pune, a city in the western Indian state of Maharashtra, has recently seized a total of 244 cryptocurrency units (worth $1.2 million) from a Bitcoin Ponzi scheme last year. The police had hired the company Discidium Internet to convert the funds into rupees. However, the funds were blocked in the company’s bank account. Currently, the police are waiting to receive the court’s permission to transfer the funds. Jairam Paygude, a cyber police’s senior inspector, revealed that the Central Bank of India was not able to transfer the funds to the State Bank of India’s treasury branch in Pune. This was because the Reserve Bank of India (RBI) had suspended the account of Discidium Internet. Discidium Internet has appealed RBI to instruct the Central Bank of India to unfreeze the account. The district government pleader Ujjwala Pawar stated that request to transfer the funds is in the line before the sessions court. The Indian draft “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019″ will impose 10-year imprisonment who “mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies.” These harsh measures are forcing local crypto businesses to take the necessary steps to ensure their survival. Rahul Jain, an ex-employee at formerly domestic exchange Bitbns, said: “As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto exchanges to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Vega secures $5 million in a seed funding round led by Pantera FX Street 3 years The funds were blocked in the Discidium Internet bank account. Discidium Internet was hired by the police to convert the seized crypto units into rupees. The police of Pune, a city in the western Indian state of Maharashtra, has recently seized a total of 244 cryptocurrency units (worth $1.2 million) from a Bitcoin Ponzi scheme last year. The police had hired the company Discidium Internet to convert the funds into rupees. However, the funds were blocked in the company's bank account. Currently, the police are waiting to receive the court's permission to transfer the funds. Jairam Paygude, a cyber… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.