Discontinuation of credit & debit cards for pur...

Discontinuation of credit & debit cards for purchase of cryptocurrency / by CITI, ICICI etc

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Saikcw
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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.

16 Comments  |  
8 Dimers
Loveeeeeee 2ifgch7s%281%29
Deal Subedar
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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

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Entertainer
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Purchase via Airtel Money also blocked https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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Deal Newbie
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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!!

Missing
Deal Cadet
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what about withdrawal

Cropped8790936622552152970
Deal Major
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There will always be alternatives https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

Cropped8790936622552152970
Deal Major
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baaz4u2007 wrote:

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)

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Deal Subedar
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rockinfreakshow wrote:

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.

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Deal Subedar
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itzdreaming wrote:

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

Did you try buying from international exchanges with your cc ?

Loveeeeeee 2ifgch7s%281%29
Deal Subedar
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zafar_khan wrote:

Did you try buying from international exchanges with your cc ?

No… I have bought BTC from Zebpay & Ethx.in only.

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Deal Subedar
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itzdreaming wrote:

No… I have bought BTC from Zebpay & Ethx.in only.

Did you ask them for clarification though?
As you aren’t making a purchase on foreign exchanges.
Nothing is mentioned in that mail regarding local cryptocurrency purchases.

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Deal Newbie
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https://i.imgur.com/gOO3WZk.png

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Deal Newbie
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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.

https://i.imgur.com/3YcrpYv.png

Sharingan hd pictures 4
Deal Subedar
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rockinfreakshow wrote:

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.

https://i.imgur.com/3YcrpYv.png

They should not have the right to block this citing risk as a reason.. They do no decide our investments

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Sharingan wrote:

They should not have the right to block this citing risk as a reason.. They do no decide our investments

Well you are abs right but as of now banks are able to dictate the terms since RBI doesn’t have a stand on this. am guessing rbi can neither block or accept it as legal tender, so the fight is here to stay!!

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Deal Subedar
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rockinfreakshow wrote:

Well you are abs right but as of now banks are able to dictate the terms since RBI doesn’t have a stand on this. am guessing rbi can neither block or accept it as legal tender, so the fight is here to stay!!

It’s not about it being legal tender though.
These are speculative assets at best and banks shouldn’t have any say in what you do with your own money. I can understand them banning credit purchases, but banning debit card and freezing user accounts is downright “criminal”.

Missing
Deal Newbie
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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.

Missing