The crypto industry asked Indian authorities to restore crypto exchanges’ access to UPI, a popular real-time payment system.
The ban on crypto exchanges using UPI was seen as a major setback for the Indian crypto industry. UPI is one of the most popular payment methods in India, and its ban made it difficult for crypto exchanges to onboard new users.
The ban on crypto exchanges using UPI was also seen as a sign of government hostility towards the crypto industry. However, in recent months, there have been signs that the government is becoming more open to crypto.
In March 2023, the Indian government added crypto to its anti-money laundering rules. This move was seen as a positive step by the crypto industry, as it showed that the government was taking crypto seriously.
The Indian government has also been working on a framework for regulating crypto. The framework is expected to be released in the coming months.
The request to restore crypto exchanges’ access to UPI is a sign that the crypto industry is hopeful that the government will eventually be supportive of the industry. The industry is also hopeful that the framework for regulating crypto will be fair and will not stifle innovation.