Bank of India blocks use of RBI money transfer system for cryptocurrencies, government postpones bill

Major Indian Bank ICICI has asked its customers not to use the Reserve Bank of India’s (RBI) (LRS) liberalised money transfer scheme for crypto-related investments.

ICICI, India’s leading private sector bank, has updated its retail money transfer app to include cryptocurrency.
With this update, the bank asked its customers to indicate that under the Indian Currency Management Act 1999 (Fema), they would not use the Reserve Bank of India’s (RBI) (LRS) liberalised money transfer scheme for cryptocurrency-related investments.
The statement says the bank::

In the above translation, bitcoin / cryptocurrency / virtual currency (I ethereu, ripple, litecoin, dash, peercoin, dogecoin, primecoin, chinacoin, of bitcoin or other virtual currency / cryptocurrency / bitcoin, such as an investment / acquisition is not.

Customers should also note that the bank transfer is not intended to invest in a “bitcoin / cryptocurrency / virtual currency company.”
In October, customers must also state that ” the funding source for the proposed Credit Transfer is not the end use, as well as the proceeds from the repayment of investments in cryptocurrency / bitcoin / virtual currency.”

ICICI bank was one of several major Indian banks to stop serving crypto customers after RBI issued a notice regarding an April 2018 circular banning banks from servicing crypto companies.
In May, the Central Bank sent a notice to banks stating that “the circular is no longer valid since the Supreme Court decision and therefore cannot be quoted or quoted.””The Supreme Court of India revoked the circular last March.
Meanwhile, the Indian cryptocurrency bill has not been included in the upcoming session of Parliament, the monsoon session, despite the country’s Finance Minister recently stating that the bill is ready to be reviewed by the Cabinet Dec.

What do you think about ICICI Bank’s crypto policy and the delay in opening a crypto account? Let us know t

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