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Is ICICI Bank Credit, Debit & Prepaid Cards and cross border remittances not permitted for purchase/ trade of Bitcoins, cryptocurrencies and virtual currencies?

You may be aware of the increasing global apprehensions regarding Bitcoins, cryptocurrencies and virtual currencies. The Reserve Bank of India (RBI) has cautioned the public regarding the potential economic, operational, legal and security related risks associated in dealing with such currencies. The RBI vide its Statement on Developmental & Regulatory Policies dated April 5, 2018 has announced that entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies.

 

To ensure the security of our customers, the Bank will not allow usage of ICICI Bank Credit, Debit & Prepaid Cards and cross border remittances towards purchase or trading of such Bitcoins, cryptocurrencies and virtual currencies, at merchants suspected to be dealing in cryptocurrencies or online foreign exchange trading, or both.