India’s ICICI Bank is warning wire transfer users to stay away from Bitcoin
India’s stance on crypto adoption has been around since the birth of (BTC). As another blow to the Indian crypto community, one of the largest financial services providers, ICICI Bank, has warned users not to use their remittance services to transfer crypto or digital currency in any form.
In the latest iteration of ICICI’s Retail Outward Remittance Application form, the bank has clearly stated its intention to discourage users from using the crypto remittance service. Based on the Foreign Exchange Management Act (FEMA) 1999, the statement states:
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