India’s payment authority National Payments Corporation of India (NPCI) has denied the ban on Cryptocurrency transactions in India and issued an official statement regarding this news. However, the authority also mentioned separately that Banks are allowed to make their own decision to allow crypto transactions or not. So, let’s find out the conclusion is cryptocurrency ban in India or not? Here are the brief details of the news. Aate Ki Chakki Part 2 Episodes
NCPI has officially refused to ban cryptocurrency with its latest statement. NCPI runs the Unified Payments Interface (UPI) which is using across the nation by millions of users. It is a real-time payment mode with a secure and immediate payment facility. Even it is regulated by the central bank Reserve Bank of India (RBI).
If there the NPCI bans cryptocurrency transactions then possibly, NPCI will be released an official announcement regarding this. So until the next decision, there is no ban imposed by the payment authority. Here is the official tweet related to this big relief on Cryptocurrency Transactions.
The National Payments Corporation of India (NCPI) which runs UPI has refused to ban #crypto transactions, advising banks to make their own decision whether to allow them. #bitcoin https://t.co/IWbI6k2owi
— Bitcoin News (@BTCTN) May 7, 2021
Recently, there was a big rumor has rolled out everywhere that the Indian government planning to bring a special bill on the Cryptocurrency ban. After that, most banks started closing accounts of all the cryptocurrency users. Banks blacklist merchants who deal with cryptocurrencies. But now there is a possibility of allowance on cryptocurrency in India. Even the delays in the cryptocurrency bill by the Indian government also indicate that very soon Indians will able to trade cryptocurrency without any restriction.