The National Payments Corporation of India, the governing body that oversees UPI in the country, said in a statement on Thursday evening that it is not aware of any cryptocurrency exchange using UPI payments instrument, hours after the global giant Coinbase launched the service in the country with UPI support.
The voluntary statement from the payments body underscores why other crypto exchanges in India have had troubles with supporting UPI on their platforms. Crypto is not illegal in the South Asian market, but India’s central bank continues to maintain that virtual digital assets need more scrutiny. India’s Supreme Court overturned the Reserve Bank of India’s ban on crypto over two years ago, but banks, by and large, con …
