Indian Bank Blocks Use of RBI’s Crypto Remittance System As Government Delays Bill – Bitcoin News Settlement

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Big Indian bank ICICI has asked its customers not to use the Reserve Bank of India (RBI) Liberalized Remittance System (LRS) for any crypto-related investment.

ICICI, one of the leading private sector banks in India, has updated its retail money transfer app to include cryptocurrency. With this update, the bank asked its customers to declare under India’s Foreign Exchange Management Act 1999 (FEMA) that they would not use the Reserve Bank’s Liberalized Remittance System (LRS). of India (RBI) for any crypto related investment. The bank’s statement indicates:

The above payout is not intended for investing / buying bitcoin / cryptocurrencies / virtual currencies (such as ethereum, ripple, litecoin, dash, peercoin, dogecoin, primecoin, chinacoin, ven, bitcoin or any other virtual currency / cryptocurrency / bitcoin).

Customers should also declare that the payout is not intended for investments in a “bitcoin / cryptocurrency / virtual currency company”. In addition, clients must also declare that “the source of funds for the proposed payout is not the proceeds of the redemption of cryptocurrency / bitcoin / virtual currency investments and also the end use of”. ICICI Bank was among several large Indian banks that halted services to crypto clients after the RBI issued a notice regarding its April 2018 circular banning banks from providing services to crypto companies. In May, the central bank issued a notice to banks stating that “the circular is no longer valid as of the date of the Supreme Court judgment and therefore cannot be cited or cited.” The Indian Supreme Court quashed the circular in March last year. Meanwhile, India’s crypto bill does not appear in the next session of parliament, the monsoon session, although the country’s finance minister recently said the bill was ready for consideration by the cabinet.

What do you think of the crypto policy of ICICI bank and the delay of the crypto bill? Let us know in the comments section below.

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