Crypto regulation, India, Indian, indian banks, ncpi, ncpi bitcoin, ncpi crypto, ncpi cryptocurrency, RBI, upi, upi bitcoin, upi crypto, upi cryptocurrency

India’s payments authority, the National Payments Corporation of India, has reportedly said that it will not ban cryptocurrency transactions. Banks are to make their own decision whether to allow crypto transactions.

  • The National Payments Corporation of India (NCPI), has refused to ban cryptocurrency transactions, local media reported Thursday. NCPI runs the Unified Payments Interface (UPI), an instant real-time payment system that facilitates inter-bank transactions. It is regulated by the central bank, the Reserve Bank of India (RBI).
  • Instead of banning crypto transactions, NCPI has advised banks to make their own decision whether to allow transactions involving digital currencies based on their own risk assessment and advice from their own legal and compliance departments, the organization reportedly said.
  • If NCPI had decided to restrict payments involving cryptocurrencies on UPI and Rupay cards, it would have been applied across all banks, leaving investors with little option to fund their cryptocurrency trades.
  • In March last year, the Indian supreme court quashed the banking ban on the crypto industry by the central bank. However, a number of financial institutions reportedly still restrict transactions involving cryptocurrencies and have been closing accounts of crypto users.

  • The Economic Times reported that nearly half a dozen banks have directed their payment operators to blacklist merchants that deal with cryptocurrencies. As a result, customers are unable to use online fund transfer methods — such as net banking, cards, and UPI — to fund their cryptocurrency trades.
  • Meanwhile, the Indian government still has not introduced the cryptocurrency bill which it had planned to do during the budget session of parliament.

What do you think about NCPI’s decision to not ban cryptocurrencies and let banks decide for themselves? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Two U.S. senators have urged lawmakers to increase measures to regulate cryptocurrencies, including how to trace cryptocurrency transactions, in order to combat ransomware attacks. “We haven’t figured out in the country or in the world how to trace cryptocurrency,†one senator said, adding that “We’ve got to do a better job here.†Senators Urge Lawmakers […]

Xem chi tiết: US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Infosys Chairman Advocates Regulation of Crypto Assets as Commodities in India

The chairman of major Indian company Infosys says that crypto should be regulated as an asset, like a commodity. He believes that crypto investors will significantly contribute to India’s economy. Infosys Chairman Wants Crypto Regulated as an Asset Infosys Chairman Nandan Nilekani says the Indian government should regulate crypto as an asset that can be […]

Xem chi tiết: Infosys Chairman Advocates Regulation of Crypto Assets as Commodities in India

India’s Central Bank RBI Still Has ‘Major Concerns’ About Crypto After Saying Ban No Longer Valid

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has clarified the central bank’s position regarding cryptocurrency. His statements followed a notice published by the RBI telling banks that its crypto banking restriction is no longer valid and cannot be cited. RBI Still Has Major Concerns About Crypto RBI Governor Shaktikanta Das clarified […]

Xem chi tiết: India’s Central Bank RBI Still Has ‘Major Concerns’ About Crypto After Saying Ban No Longer Valid

Bitcoin Will Face Tougher Regulation as Popularity Grows, Says Sweden’s Central Banker

The Swedish central bank’s governor says bitcoin will face tougher regulation given its sheer popularity that continues to grow. “When something gets big enough, things like consumer interests and money laundering come into play,†said Stefan Ingves, Governor of the Riksbank. Tougher Regulation Expected for Bitcoin Stefan Ingves, the governor of Sweden’s central bank, the […]

Xem chi tiết: Bitcoin Will Face Tougher Regulation as Popularity Grows, Says Sweden’s Central Banker

Major Indian Bank HDFC Says ‘It’s a Matter of Time Before Indian Investors Have Legal Access to Crypto Plays’

One of India’s leading private banks with 5,608 branches and 16,087 ATMs, HDFC Bank, has published a report stating that “it is just a matter of time before Indian investors have legal access to crypto plays.†This statement came as the bank scrutinizes crypto transactions in customer accounts. HDFC Bank Predicts Legal Acess to Crypto […]

Xem chi tiết: Major Indian Bank HDFC Says ‘It’s a Matter of Time Before Indian Investors Have Legal Access to Crypto Plays’

India’s Central Bank RBI Confirms Crypto Banking Ban ‘No Longer Valid’ — Asks Banks to Stop Quoting It

Indian central bank, the Reserve Bank of India (RBI), has officially advised banks that its banking ban circular is no longer valid as it was set aside by the country’s supreme court more than one year ago. Despite the supreme court’s ruling, banks have been citing the RBI circular when dealing with cryptocurrency. RBI Tells […]

Xem chi tiết: India’s Central Bank RBI Confirms Crypto Banking Ban ‘No Longer Valid’ — Asks Banks to Stop Quoting It

SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

The U.S. Securities and Exchange Commission (SEC) has urged Congress to pass cryptocurrency legislation to protect investors, the new SEC chairman has revealed. The securities regulator is also working with the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury Department to combat criminal activity facilitated by cryptocurrencies, the chairman noted. SEC Working With CFTC, […]

Xem chi tiết: SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

The U.S. Securities and Exchange Commission (SEC) has urged Congress to pass cryptocurrency legislation to protect investors, the new SEC chairman has revealed. The securities regulator is also working with the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury Department to combat criminal activity facilitated by cryptocurrencies, the chairman noted. SEC Working With CFTC, […]

Xem chi tiết: SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

Zimbabwean Fintech Lawyer and Proponent Pushes for Crypto Regulation via Private Legislative Bill

Federal Reserve Bank President Says Most Cryptocurrencies Are Worthless

Federal Reserve Bank President Says Most Cryptocurrencies Are Worthless

SEC Chair Gensler Says Cryptocurrency Exchanges Need More Regulation, Asks Congress to Weigh in

Top US Banking Regulator to Review Cryptocurrency Standards Under New Leadership

Australian Senator Says Cryptocurrency Is Not a Fad — Government Won’t Stand in the Way

Indian Government to Set up Panel of Experts to Take a Fresh Look at Regulating Cryptocurrencies: Report

Bitcoin Drops Below $40K, Crypto Economy Down 17%, Markets Lost $250 Billion Last Week

Other Articles