India Being Urged to Restore UPI Access for Users of Crypto Exchanges: Report
India is reportedly reconsidering to let crypto investors use Unified Payments Interface (UPI) to purchase digital assets like cryptocurrencies and non-fungible tokens (NFTs). The financial authorities of India have received multiple proposals, urging them to allow the integration of UPI for crypto transactions. These proposals have been sent by crypto advocacy group Bharat Web3 Association (BWA). It is notable that this topic is being brought up now at a time when India is heading the formulation of global crypto rules under its ongoing G20 Presidency. As part of these proposals to the Indian government, the crypto-advocacy group has pointed out that India's crypto industry is reeling under high tax pressure as an aftermath of last year's crypto slump. The country's shadow ban on the sector severed the ties of traditional banks with crypto exchanges, causing inconvenience to the investor community. The development, citing anonymous sources familiar with the matter, was fi...