India crypto trade: Lack of clarity: ICICI Bank shuts out crypto trades

Payment gateway firms, acting as vital third-parties, are the link for transferring funds from a customer’s bank account to the payment portal of merchants.

Synopsis

ICICI Bank’s online services can no longer be used to deal with crypto-currency exchanges and other entities which may be facilitating crypto trades.

Mumbai: India’s largest private sector lender ICICI Bank is distancing itself from Bitcoin and other crypto currencies amid conflicting signals from Supreme Court and Reserve Bank of India (RBI).

On Thursday, the bank told some of the payment gateway operators to shut off ICICI net banking for merchants who are involved in buying or selling of Bitcoins directly or indirectly. With this, ICICI Bank’s online services cannot be used to deal with

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