Key Takeaways
- ICICI clients barred from using remittance platform for crypto-related investment
- The warning contained in an updated circular on the bank’s website
- Indian crypto bill faces delays in congress
Local media outlets report that Indian bank ICICI has sent a notice to customers regarding an update on its current remittance policy. Customers claim that the bank has informed customers about declaring that they would not use the LRS platform for crypto-based investments.
The Banks also told customers to declare that funds used on the remittance platform do not originate from crypto-related businesses. This includes trading, investment, or proceeds from crypto exchanges.
The local crypto community believes that the move from the bank is due to the current delay in the Indian crypto bill.
The Indian finance minister had earlier stated in June that the bill was already formulated and ready for consideration in the parliament.
Despite the anticipation for the crypto framework, the bill was not listed in the upcoming session of the Indian parliament.
This means that the crypto industry will have to wait a little longer for concrete crypto laws.
ICICI is a bank known for its strict adherence to RBI (Reserve Bank of India) regulations. It was among the first banks to halt crypto services in 2018 following a circular from the apex bank. However, following a successful lawsuit from the crypto community, the Indian Supreme Court had invalidated the circular in March 2020.
India is regarded as one of the fastest-growing economies in the world and has an active crypto community. In recent years many crypto projects have made significant investments in the Asian country. Cardano and Zilliqa are two crypto projects that launched different educational projects to train young developers in their programming language last year. However, it remains to be seen when the Indian government intends to pass the crypto bill.
Should India be more open to cryptocurrencies?
