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ICICI Bank stops customers from using foreign remittances to invest in digital assets

Thursday 15 July 2021 12:30 CET | News

ICICI Bank has intensified its crackdown on cryptocurrency trading, asking customers not to use foreign remittances to invest in digital assets.

The bank has modified the ‘Retail Outward Remittance Application’ form to include a declaration that ‘remittance is NOT for investment/purchase of Bitcoin/cryptocurrencies/virtual currencies”. Users intending to transfer money overseas under the Reserve Bank of India’s (RBI) liberalised remittance scheme now need to sign that declaration, which also dissuades customers from investing in ‘units of mutual funds/shares or any other capital instrument of a company dealing in bitcoins/cryptocurrency/virtual currencies’.

The modified form also seeks a declaration that the source of the funds to be remitted is not the redemption of crypto investments. The change comes several weeks after Indian lenders suspended banking services to local crypto exchanges and shut out overseas markets for traders.


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Keywords: banks, cryptocurrency, regulation, remittances
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: India
This article is part of category

Blockchain & Cryptocurrencies