Indian authorities urged to restore access to UPI for crypto exchanges

An Indian cryptocurrency exchange and a policy firm have separately appealed to the government to restore access to the national Unified Payments Interface (UPI) for crypto firms after it was apparently suspended in 2022. Although the proposals were not coordinated, they represent a significant effort by India's crypto stakeholders to advocate for policy changes for the industry, which has faced obstacles such as taxes and a "crypto winter.”



The Indian government and central bank have reportedly received proposals to reinstate UPI access for the crypto industry, which was indirectly suspended by the National Payments Corporation of India (NPCI) after the government imposed a 30% tax on digital assets. However, the recent establishment of the Bharat Web3 Association (BWA) has provided hope for the industry, with the committee p


First found on: https://coinatory.com/2023/05/17/indian-restore-access-upi-crypto-exchange/?utm_source=BG&utm_medium=Blogger+Some+Crypto+Blog&utm_campaign=SNAP