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Did RBI Just Impose A Shadow Ban On Crypto

In today’s article we will talk about India’s freeze on Crypto Payments in India. Before we begin with the story don’t forget to follow us Instagram and twitter.


The Story

The Indian Crypto Ecosystem is facing a huge challenge as banks have stopped providing their support and support to crypto exchanges. CoinSwitch Kuber India’s largest crypto exchange has halted all options - including net banking RTGS/IMPS UPI etc.

So How did this happen did the government impose a Ban on Crypto Payments?

The answer here is no. This chaos seems to have been triggered by a statement from NCPI (National Payments Corporation Of India) that it was not aware of any crypto exchanges using UPI following the statement banks like Kotak Mahindra and Mobikwik stopped their support to these exchanges.

We are not aware of any crypto exchanges using UPI - NCPI

There was no circular or order released by NCPI or RBI prohibiting banks from providing services to crypto Exchanges. All of this happened as supervisors asked banks to exercise caution while dealing with these exchanges


The most strange part of all of this is the moves unofficial nature. NCPI cannot independently decide who can or who cannot UPI infrastructure RBI is the central authority on this matter. However it has been surprisingly silent on this whole matter. This payment service crisis is major hit to the whole crypto ecosystem. This sums up the matter meet you again soon till then show some love by linking and commenting on the post

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