Discontinuation of credit & debit cards for purchase of cryptocurrency / by CITI, ICICI etc
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Given concerns, both globally and locally including from the Reserve Bank of India, cautioning members of the public regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with bitcoins, cryptocurrencies and virtual currencies, Citi India has decided to not permit usage of its credit and debit cards towards purchase or trading of such bitcoins, cryptocurrencies and virtual currencies.
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Did you try buying from international exchanges with your cc ?
Purchase via Airtel Money also blocked 
Yep I got the almost 99% ditto ICICI kinda warning mail from CITI about account closure when I closed a FD and made a transaction with Zebpay & this morn got the usage restricted on cryptocurrencies mail too!!
Can you post the mail here?
Buying from local exchanges shouldn’t be prohibited afaik.
what about withdrawal
Why you need the help of banks for withdrawl ?
You can directly deal with Buyers n sellers either via direct cash or NEFT/IMPS (ex: LBTC)
There will always be alternatives
Its not jus here. its happening kinda all over. You can jus google for ‘Bitcoin Bank Account closed’. you can see stories from quite a few countries.
This screenshot is jus from couple of days back.
They should not have the right to block this citing risk as a reason.. They do no decide our investments
Hello….What happens next….? After card get closed by bank…
Will it end here or any investigation will be made by RBI or FEMA? Plz reply.
Recceivd a mail from ICICI too..
Dear Customer,
Greetings from ICICI Bank.
We would like to bring to your notice the below important information on permissible usage of card transactions involving foreign exchange:
Under the Foreign Exchange Management Act (FEMA), 1999, a resident Indian is permitted to make only those foreign exchange transactions on ICICI Bank Cards or Account that are permissible and remittance in any form towards overseas exchange trading through internet/ electronic trading portals is not permitted.
Indian residents are therefore prohibited from trading in foreign exchange in domestic and overseas market, including binary option trading with commodities, stocks, indices, bitcoin index and forex etc.
Please make note of the prohibitions on using your ICICI Bank Cards or Account for such unauthorised transactions in contravention to the FEMA and the regulations issued thereunder and that violation(s), if any, would attract action under the extant laws and regulations against such residents.
In case such transactions are noted on your ICICI Bank Cards or Account, we shall be constrained to close your card or account without any liability or responsibility on the part of the bank.
Looking forward to your co-operation in helping us serve you better.
Sincerely,
ICICI Bank Limited