- Cryptocurrency investors in India may be able to repurchase coins using net banking and debit cards.
- Following an informal warning from the Reserve Bank of India, Indian banks withdrew their services from cryptocurrency exchanges early this year (RBI).
- According to a report, most consumers have moved to utilize UPI to acquire cryptocurrency, which is a route that is not controlled by banks.
Indian banks appear to be softening their position on cryptocurrency following months of ambiguity. The country’s largest crypto exchange WazirX has offered Internet banking payment alternatives from notable public and private banks in the country, according to a report.
The news broke as the Indian government still hasn’t decided how to regulate cryptocurrencies in the nation. India’s crypto law is awaiting cabinet clearance, according to Finance Minister Nirmala Sitharaman.
According to a source, a new committee might be created to rewrite the law.
In the face of growing popularity in Tier II and Tier III municipalities, the government may be relaxing its position on cryptocurrencies.
Enabling crypto payments by banks may not be complete due to their becoming crypto-friendly and following the lead of the government. Banks may only monitor transactions made using online banking or debit cards, as per an article. Those who purchase cryptocurrency over the Unified Payments Interface (UPI) channels are not subject to bank regulation.
“We were not allowing any transaction up until recently, and that is still our official stance. But it’s difficult to monitor so many transactions and some do get through,” a banker said.