India’s ICICI Bank warns remittance users to steer away from Bitcoin

India’s ICICI Bank warns remittance users to steer away from Bitcoin


India’s stance on crypto adoption has been a gray area ever since the birth of Bitcoin (BTC). In what seems like another blow for the Indian crypto community, one of the biggest financial services, ICICI Bank, has warned users not to use their remittance services for transferring any form of crypto or digital currency.

In ICICI’s latest iteration of the Retail Outward Remittance Application form, the bank has clearly stated its intent to stop users from using the service for crypto transfers. Based on the Foreign Exchange Management Act (FEMA) 1999, the declaration states: 

“The above remittance is NOT for investment / purchase of Bitcoin/Cryptocurrencies/Virtual Currencies (such as Ethereum, Ripple, Litecoin, Dash, Peercoin, Dogecoin, Primecoin, Chinacoin, Ven, Bitcoin or any other virtual currency/cryptocurrency/bitcoin).”

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The major banking institution has shared two more points that reiterate its anti-adoption stance, further warning users not to use its remittance service for investing in companies that deal with Bitcoin or any other crypto and digital currencies.

Users were also

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