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National Payments Corporation of India Says It Will Not Ban Cryptocurrencies Through UPI

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 has advised banks to make their own decision whether to allow transactions involving digital currencies based on their own risk assessment and advice from their own legal and compliance departments, the organization reportedly said.

If NCPI had decided to restrict payments involving cryptocurrencies on UPI and Rupay cards, it would have been applied across all banks, leaving investors with little optio

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