Indian bank blocks use of RBI’s remittance system for crypto, while government delays law – regulating Bitcoin News

Major Indian bank ICICI has asked customers not to use Reserve Bank of India (RBI )’s Liberalized Remittance System (LRS) for crypto-related investments.

  • ICICI, a leading private bank in India, has updated their retail overseas remittance application to include cryptocurrency.
  • With this update, the bank has asked its customers to declare under India’s Foreign Exchange Management Act 1999 (FEMA) that they will not use the Reserve Bank of India’s (RBI) liberalized remittance system (LRS) for crypto-related investments.
  • The bank’s statement reads:

The above transfer 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 must also declare that the transfer is not intended for investments in a “company that trades in bitcoins / cryptocurrencies / virtual currencies”.
  • In addition, customers must also declare that “the source of money for the proposed transfer is not the proceeds from the repayment of investments in cryptocurrency / bitcoins / virtual currencies, nor is it the end use”.

  • ICICI Bank was among several large Indian banks that stopped serving crypto clients after RBI issued a notice of its April 2018 circular banning banks from offering services to crypto companies.
  • In May, the central bank informed the banks that “the circular is no longer valid as of the date of the supreme court ruling and can therefore neither be quoted nor quoted”. The Indian Supreme Court overturned the circular last March.
  • However, India’s bill on crypto will not be listed in the upcoming session of parliament, the Monsoon Session, despite the country’s finance minister recently saying the bill is ready for cabinet scrutiny.

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

Tags in this story

Crypto bill, crypto regulation, crypto transfers, cryptocurrency bill, ICICI, ICICI bitcoin, ICICI block crypto, ICICI crypto, ICICI cryptocurrency, lbs, RBI, wire transfer

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