Indian Banks Questions With Formal NCPI Note Regarding Crypto UPI Ban
In the light of recent events concerning the curb on the Unified Payments Interface on cryptocurrencies, leading banks have now asked for a formal directive from the National Payments Corporation of India (NCPI). The supposed “shadow ban” on cryptocurrencies has created a lot of conjecture amongst leading banks. This curb came into effect just based […]
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India’s payments authority, the National Payments Corporation of India, has reportedly said that it will not ban cryptocurrency transactions. Banks are to make their own decision whether to allow crypto transactions. The National Payments Corporation of India (NCPI), has refused to ban cryptocurrency transactions, local media reported Thursday. NCPI runs the Unified Payments Interface (UPI), an instant real-time payment system that facilitates inter-bank transactions. It is regulated by the central bank, the Reserve Bank of India (RBI). Instead of banning crypto transactions, NCPI....
The Indian government has answered three sets of questions in parliament regarding bitcoin transactions, the high-profile bitcoin scam in Karnataka, and the legality of cryptocurrency trading and crypto exchanges in India. Meanwhile, the winter session of parliament has begun and a crypto bill is expected to be taken up during this session.
Indian Government Answers Questions About Bitcoin Transactions
On Monday, the Indian Ministry of Finance answered three sets of questions on bitcoin and cryptocurrency trading in Lok Sabha, the lower house of India’s parliament.
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India’s Finance Minister Nirmala Sitharaman has answered some questions regarding cryptocurrency in Rajya Sabha, the upper house of India’s parliament. The questions include measures the government plans to impose on the crypto industry. Finance Minister Nirmala Sitharaman Answers Crypto Questions in Parliament The Indian finance minister answered four questions Tuesday in Rajya Sabha regarding the “trading in cryptocurrency,” including measures outlined in the crypto bill. Minister Sushil Kumar Modi asked the minister of finance whether “a ban was imposed on....
The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them.
11 Crypto Exchanges Investigated for Tax Evasion
The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament.
Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and....
India is no longer planning to ban cryptocurrency, a cabinet note circulated by the government reportedly indicates. Activities relating to crypto assets will be regulated by the Securities and Exchange Board of India (SEBI).
Crypto Will Not Be Banned in India, Cabinet Note Indicates
Despite reports of the Indian government planning to ban cryptocurrencies, NDTV reported Thursday that a cabinet note circulated by the government indicates that cryptocurrencies, like bitcoin and ether, will not be banned.
Emphasizing that cryptocurrency is not recognized as legal....