Reserve

April

Read

<p class="is-style-lead">An Indian crypto exchange and a policy firm have independently made appeals to the government, urging the restoration of access to the national Unified Payments Interface (UPI) for crypto firms following its apparent suspension in 2022.</p>



<p>While the proposals were not coordinated, they mark a significant initiative by India&#8217;s crypto stakeholders to advocate for policy amendments governing the growing industry, which has faced setbacks, including taxes and a crypto winter.</p>



<h2 class="wp-block-heading" id="the-alleged-seamless-trading-process">The alleged seamless trading process</h2>



<p>According to sources familiar with the matter, the Indian government and central bank have been presented with proposals to reinstate access to the Unified Payments Interface (UPI) for the crypto industry. The UPI is a widely used real-time payment system in the country.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Breaking🚨: Indian🇮🇳 Authorities asked to restore crypto exchanges access to Unified Payment Interface (UPI) after it was suspended in 2022.<br><br>Here&#39;s everything you need to know (Mega🧵) <br><br>1/11 <a href="https://t.co/Ryc8NucUFP" target="_blank">pic.twitter.com/Ryc8NucUFP</a></p>&mdash; KoinX (@getkoinx) <a href="https://twitter.com/getkoinx/status/1658808805986287617?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 17, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>India&#8217;s stance on the cryptocurrency industry has been marked by ambiguity and challenges. </p>



<p>After imposing a substantial 30% tax on digital assets, the government further exacerbated the situation for crypto enthusiasts. The National Payments Corporation of India (NPCI) indirectly suspended the usage of the UPI, creating obstacles for the crypto community.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/pepe-unique-wallets-surpass-112k-mark/" class="cn-block-related-link__link">
            PEPE unique wallets surpass 112k mark        </a>

    
</div>


<p>However, India also took a significant step in November 2022 with the establishment of the Bharat Web3 Association (BWA), a dedicated advocacy committee entrusted with the oversight of this burgeoning sector. </p>



<p>In a move that highlights the BWA&#8217;s approach, the committee has recently put forward two proposals to the government, seeking favorable policies and regulations for the industry. </p>



<p>There are also expectations that a third proposal will be unveiled in the coming weeks, demonstrating the ongoing efforts of the BWA to shape the future of cryptocurrency in India.</p>



<h2 class="wp-block-heading" id="where-the-upi-was-lost">Where the UPI was lost</h2>



<p>The disruption in the payment rail system arose following the introduction of Coinbase&#8217;s operations in India on April 7, 2022.&nbsp;</p>



<p>During the launch, Coinbase executives emphasized the seamless trading experience on their app, with payment processing facilitated through the UPI. </p>



<p>However, shortly after the event, the NPCI, which oversees UPI, took to Twitter to clarify that they had no knowledge of any crypto exchange utilizing UPI. </p>



<p>The NPCI operates under the purview of the Reserve Bank of India (RBI), the country&#8217;s central bank.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="How to Buy Bitcoin in India? | What is Bitcoin? | Revealing My Crypto Portfolio!" width="1020" height="574" src="https://www.youtube.com/embed/aJFllw4DOmo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>The decision regarding the restoration of UPI access to crypto exchanges in India remains uncertain, but if the authorities choose to do so, it could have significant implications for the industry as a whole. </p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/ripple-buys-controlling-interest-in-metaco-a-digital-technology-company/" class="cn-block-related-link__link">
            Ripple buys controlling interest in Metaco, a digital technology company        </a>

    
</div>

Indian authorities urged to restore access to UPI for crypto exchanges

Table of Contents

crypto.news

Outros artigos publicados em 18 de mai. de 2023

NFT market a ‘game for pros’ in 2023 as volume declines

Pantos launches Multichain Token Creator to promote interoperability

Store it on Web3 - Coldstack Hackathon

Astrobotic, BitMEX, Bitcoin Mag Unite for Moon Mission

Voyager to commence partial return of customers’ funds

Mass exodus of Bitcoin: 2.3M BTC leaves exchanges as balance plummets below 12%

Join our free newsletter for daily crypto updates!