The Chinese government has been cracking down on Bitcoin since the digital currency’s first coin, a one-time coin created by a Chinese entrepreneur, was launched on November 7, 2015.
The country has been targeting the digital money since the beginning, with a slew of new regulations and fines targeting the country’s currency and trading operations.
As the country grapples with the rise of cryptocurrency and other digital currencies, a group of Indian students have been using Bitcoin to pay their bills for months.
In a video, the students explained how the money is being laundered through a scam.
The students from the Indian Institute of Technology in Chennai, who go by the name “Mukesh”, “Niraj” and “Suresh”, told News24 about how they were using Bitcoins to pay for their bills, which they said was a way to avoid government officials.
The students also said that Bitcoin has been used by many other people in India to buy and sell goods and services.
The “Mugshan” group said they used Bitcoin to buy goods online and to pay off their student loans in December last year, which were due to be paid off by the end of February.
However, after receiving some complaints, the government shut down the group’s bank account and seized their Bitcoins.
In the video, Mukesh said that he was in his dormitory when he received a message from a group calling himself “Lion”, claiming that he had hacked into his bank account.
He explained that the message said that the money was coming from a third party, which the students could not prove.
“I immediately sent them a screenshot of the message, which showed that the person claiming to be Lion had the same password as the group claiming to have hacked into my account,” Mukesh told News 24.
The group said that it sent them the information about the account through email, which led to them receiving a notification that their bank account had been closed and they were not able to withdraw the money.
The group added that the students had no money to pay back the money that they had borrowed and they feared that the government would confiscate their Bitcoins and take them to court.
The police took the Bitcoins away from the students and brought them back to the group.
“The police told us that we would be arrested and that we must provide the bank details of our bank accounts so that they can recover the money,” Mukhesaid.
“We did not think that we could go through the police with us, so we didn’t ask for any money from them.
But when we asked for it, they gave us Rs 500,” he said.
The police also seized the students’ Bitcoins and said that they would seize their money to repay the students debts.
“They had to return the money and the police had seized our Bitcoins as well,” Muksh said.
The student group said it will appeal the decision in court.
Mukhes’ group has been using Bitcoins in India for about a year, with students borrowing from it for some of their monthly expenses.
“A month before we started using Bitcoins, we used to borrow money from the bank every month for a week or so,” Mukansaid.
However now, he said, the amount of money borrowed has been reduced to about Rs 100 every month.