Naris - Cryptocurrency Speculator
Indian banks petitioned the National Payments Corporation of India (NPCI) for clarity on cryptocurrency trading transactions utilizing the United Payment Interface (UPI).
This issue comes on the heels of the Coinbase fiasco, in which the NPCI claimed it had no knowledge of any cryptocurrency exchange platforms cooperating with them.
In light of recent media stories claiming that cryptocurrencies may be purchased via UPI, the National Payments Corporation of India would like to explain that it is not aware of any crypto exchanges that use UPI. Despite these hurdles, banks want to keep processing these transactions and are still waiting for aid from the national organization to find an alternate option.
The National Payments Corporation of India (NPCI), which oversees all national digital payment and settlement systems, has been sought by Indian banks. They want clear instructions on how to use the Unified Payment Interface (UPI) for cryptocurrency transactions.
Several banks have reported the matter with UPI, according to a report. NPCI's stockholders, including financial institutions such as the State Bank of India, Union Bank of India, HDFC Bank, HSBC Limited, and Citi, have filed concerns.
Banks are optimistic that these conversations with the organization would result in official advice on this subject. However, an NPCI spokesman stated that the NPCI is hesitant to issue any circulars in the near future.
According to an NPCI spokeswoman, if a formal circular is issued banning UPI for cryptos or VDAs, the crypto market industry would challenge it legally, as they did with the Reserve Bank of India's prohibition in April 2018.
Would it be smart to buy crypto right now? If you want to buy and sell cryptocurrency but are unsure of where is the best location to buy bitcoin or any other cryptocurrencies, you can visit BC Bitcoin to chat with a trusted cryptocurrency broker to get started right away.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards