Indian Bank Blocks Use of RBI’s Remittance System for Crypto While Government Delays Bill

Indian Bank Blocks Use of RBI’s Remittance System for Crypto While Government Delays Bill
фото показано с : news.bitcoin.com

2021-7-13 14:00

Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments.

ICICI, a leading private sector bank in India, has updated its retail outward 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 (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. The bank’s 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).

Customers must also declare that the remittance is not for any investments in a “company dealing in bitcoins / cryptocurrency / virtual currencies.” Furthermore, customers must also declare that “The source of funds for the proposed remittance is not proceeds from redemption of investment in cryptocurrency / bitcoins / virtual currencies and also end use of.” if (!window.GrowJs) { (function () { var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } }); ICICI bank was among several major Indian banks that halted services to crypto customers after the RBI issued a notice regarding its April 2018 circular that banned banks from providing services to crypto businesses. In May, the central bank issued a notice to banks stating that “the circular is no longer valid from the date of the supreme court judgment, and therefore cannot be cited or quoted from.” The Indian supreme court quashed the circular in March last year. Meanwhile, the Indian crypto bill is not listed in the upcoming session of parliament, the Monsoon Session, despite the country’s finance minister stating recently that the bill was ready for cabinet consideration.

What do you think about ICICI bank’s crypto policy and the crypto bill being delayed? Let us know in the comments section below.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

bank remittance icici indian india use rbi

Источник: news.bitcoin.com

bank remittance → Результатов: 108


Фото:

Ripple Granted Exemption From Holding A License In Singapore Thanks To Its Frictionless Remittance Solutions

Ripple’s payment solutions have gained traction in recent days as more customers leverage the solutions to power fast payments worldwide. These remittance solutions have earned Ripple recognition from the US Congress, traditional banking institutions like Bank of America and also the Monetary Authority of Singapore (MAS).

2020-4-16 14:49


RippleNet Power User SBI Remit Partners With Japan’s Fukushima Bank To Boost Remittances

SBI Remit a money transfer service that’s powered by Ripple has announced a partnership with Japan-based Fukushima Bank. The bank will now be in charge of SBI’s international remittance services. SBI’s commitment to prioritizing the adoption of new technologies is evident as they have already adopted Ripple’s distributed ledgers. This according to them will make […]

2020-2-28 17:14


Ripple: Asia-Pacific Remittance Market Seeing Growing Demand And is Ripe for Digitalization

In its latest insight report, Ripple shares the growing demand the Asia-Pacific (APAC) region is seeing. “More remitters than ever are sending money home to their loved ones,” the San Francisco-based company points out adding APAC saw a growth of 12% in remittance flows in 2018, as per World Bank. About 2bln in remittance transactions […]

2020-1-18 22:00


Фото:

Wells Fargo To Launch Stablecoin Cryptocurrency in 2020

USA’s fourth-largest bank has announced it will develop its own cryptocurrency for international transfers in 2020.   United States’ 3rd Largest Bank Reveals Wells Fargo Coin In a press release on September 17, Wells Fargo said its new remittance platform would form an international payment network based on what it describes as “distributed ledger technology” (DLT).

2019-9-17 16:32


Santander To Provide Remittance Services To Its Latin American Customers Using Ripple Backed Solution

Santander Group, a major Spanish bank wants to expand its use of One Pay FX solution to enable its customers in Latin American countries send money to the U. S. According to the bank, Ripple’s remittance service will allow customers in these countries to send feeless payments instantly, reports Coindesk on August 19, 2019.

2019-8-20 22:50


Remittance Innovation in ASEAN Is Changing Lives for Workers Living Abroad

The Association of Southeast Asian Nations (ASEAN) continues to make its case as one of the world’s most exciting testing grounds for blockchain, cross border payments, and digital assets. Ripple has been part of much of this pioneering work with partners like SBI Remit, CIMB Group, Siam Commercial Bank, Mitsubishi Corporation and Standard Chartered, the … Continued The post Remittance Innovation in ASEAN Is Changing Lives for Workers Living Abroad appeared first on Ripple.

2019-6-20 00:17


Ripple-Partnered Bank Remains Optimistic About XRP

SBI Holdings is confident that XRP will be a successful and widely-adopted digital asset for international remittance and settlements, possibly becoming a leader of the Virtual Currencies sector. In its 2018 Fiscal Year (FY) report, published last Friday, SBI provided a financial overview of its virtual currency ecosystem, which includes Proof-of-Work (PoW) mining activities as […] The post Ripple-Partnered Bank Remains Optimistic About XRP appeared first on Crypto Briefing.

2019-4-30 20:57


Easing the Pain of Growing Cross-Border Remittance Demand in Southeast Asia

A lot of people spoke about the pain of cross-border remittances at the recent Ripple Regionals event in Bangkok. One of the day’s final speakers, Paul Arriyavat, VP of Disruptive Technology Office and Chief Strategy Officer at Siam Commercial Bank (SCB), even put a number on it: $68 billion that migrant workers in Southeast Asia send … Continued The post Easing the Pain of Growing Cross-Border Remittance Demand in Southeast Asia appeared first on Ripple.

2019-4-13 01:32


Ripple Teams Up with India’s Bank of Dohfar by Going Live on RippleNet for Remittance Payments

Ripple has scored yet another point in its quest for world domination, this time in the middle east where the Bank of Dohfar has joined its platform to facilitate cross-border transactions. This comes just a few weeks after Ripple signed up the National Bank of Kuwait to its platform. The New was confirmed by Navin […]

2019-2-18 21:27


дальше еще 59 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Top 6 Former and Current Remittance Providers Using Blockchain Technology

It would appear that blockchain technology is slowly making inroads in the world of remittances and money transfers. Numerous companies are exploring this technology as we speak, even though there are still only a handful of service providers officially running their services on a blockchain.

The Unbanked Population: Crypto’s Calling Card?

Financial services might be something you take for granted. Depositing, borrowing and withdrawing capital is as easy as going to your local bank branch, but there are billions of individuals worldwide with no access to something as simple as a bank account.