Ever since Bitcoin was invented, India’s banks stayed away from it. Now, one of the biggest financial services, specifically the ICICI Bank, has warned users to not use their remittance services for transferring cryptocurrencies.
In its Retail Outward Remittance Application form, ICICI indicated that it wants to stop users from using the service for crypto transfers. 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).”
They also warned their users to not send funds that have been earned via crypto investments any time in the past.
However, India’s stance on cryptocurrencies remains uncertain at this point.