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.
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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:
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