Crypto Exchanges Seek Meeting with NPCI To Restore UPI Services

The Crypto exchanges in India were mailed up for a meeting with NPCI. Their demand is to restore the UPI services for crypto traders to increase the rate of crypto adoption.

Leading crypto exchanges like WazirX, CoinSwitch Kuber, CoinDCX and other participants of BACC (Blockchain and Crypto Assets Council) have written their concerns about restoring UPI in crypto trading.
Significance of the Scenario
Crypto is one of the most popular digital currencies in the digital wave around the world. Different countries and digital platforms are already starting to adapt the whole currency and exchange procedures.
Indian citizens and small-medium investors have already shown huge interest in this case. Though, the whole crypto exchange procedure requires core knowledge of blockchain technology, fungible currency concepts, digital currency exchange systems, digital crypto exchange regulations, etc.
In that case, the whole scenario of restoring UPI services will not only improve the modern adaptation of the crypto exchange in India but also will improve the cash flow and currency growth within the country.
Current Situation
Recently, NCPI, or National Payments Corporation in India, has declined the UPI service integration with crypto exchanges. The exchange platforms were accepting UPI payments before the incident. Right now, the facility is closed and they are not even accepting deposit features with UPI or Unified Payment Interface.

Statement by NPCI as on 7th April 2022. With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI. Please see attached document pic.twitter.com/lGTcaSLKeC
— NPCI (@NPCI_NPCI) April 7, 2022

Because of this, the payment options are now limited in the case of domestic and international exchange as well. It includes credit card payment, PayPal, etc. It has become difficult for normal citizens, to invest and maintain the flow of currency through crypto. Though all the organizations are still trying to restore UPI through legal actions and formal applications on a regular basis.
Future Assumptions
Crypto adoption must be implemented in different economic bodies and administrations. It diversifies the cash flow and economic structure of any country or economic body. This can also improve financial growth and international transactions. Moreover, different platforms or marketplaces are also accepting cryptocurrency as their exchanging media, such as NFT or non-fungible tokens.
The whole adaptation and new crypto wave will increase the annual international exchange in the country. Moreover, currency diversification will increase new and young investors. The Government is responsible for building an appropriate and most effective administrative body, that can regulate, operate and control the whole cryptocurrency exchange actively.
***

Teresa Bach
Teresa Bach
Teresa is a crypto writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood, and loves listening to folk music.

Similar Articles

Most Popular

Here Are 4 As To Why Japanese Porn Is Cencored Ways Everyone Believes In. Which One Do You Prefer?

Unfortunately for us, though, we don’t make as much money from the hits mainly because, say, jennymovies porn - https://muddyhighheels.com/forum/memberlist.php?mode=viewprofile&u=19799 - a songwriter...

Ethereum Eyes Fresh Rally If It Clears This Key Breakout Zone

Ethereum remained supported above the $1,550 zone against the US Dollar. ETH is rising and might gain pace if there is a clear move...

A decentralized future for fans and Hollywood – Cointelegraph Magazine

The traditional film industry is one of the most centralized and traditional of them all. Just a handful of movie studios and streaming conglomerates...

Bitcoin Price Lacks Momentum, Why BTC Could Drop 5%

Bitcoin is struggling to climb above the $24,000 resistance zone against the US Dollar. BTC is declining and might continue to move down towards...

How much enforcement is too much? – Cointelegraph Magazine

Many blockchain companies now believe that regulation is inevitable, but there’s a growing debate over where to draw the line between protecting users and...

The US technology bill would establish a blockchain adviser job for the Biden administration

A new piece of legislation that would establish the post of a blockchain adviser to the US government has blockchain aficionados excited. The CHIPS...

Ethereum Rockets Towards $1,800 as Bulls Take Over Crypto Market

Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and might rise again towards $1,800. Ethereum...

Bitcoin Price Gains Momentum, Why The Bulls Could Aim $25K

Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone. Bitcoin...

Influencing behavior, making money – Cointelegraph Magazine

Economics is the study of human behavior involving scarce resources — and the effects those behaviors have on those resources, explains Roderick McKinley. Tokenomics...

Ethereum Recovery Faces Major Hurdle, Risk of Fresh Decline Exits

Ethereum declined towards $1,350 before recovering higher against the US Dollar. ETH is now facing a major resistance near the $1,460 and $1,500 levels. Ethereum...
bitcoin
Bitcoin (BTC) $ 23,301.24
ethereum
Ethereum (ETH) $ 1,713.22
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 327.03
xrp
XRP (XRP) $ 0.373402
cardano
Cardano (ADA) $ 0.530401
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 41.50
polkadot
Polkadot (DOT) $ 8.81
dogecoin
Dogecoin (DOGE) $ 0.069847
avalanche-2
Avalanche (AVAX) $ 27.84
shiba-inu
Shiba Inu (SHIB) $ 0.000012
dai
Dai (DAI) $ 0.999838
staked-ether
Lido Staked Ether (STETH) $ 1,650.87
matic-network
Polygon (MATIC) $ 0.919437
tron
TRON (TRX) $ 0.069891
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 23,296.24
ethereum-classic
Ethereum Classic (ETC) $ 37.54
okb
OKB (OKB) $ 18.27
leo-token
LEO Token (LEO) $ 4.90
litecoin
Litecoin (LTC) $ 61.30
ftx-token
FTX (FTT) $ 30.52
uniswap
Uniswap (UNI) $ 8.85
chainlink
Chainlink (LINK) $ 8.46
near
NEAR Protocol (NEAR) $ 5.17
crypto-com-chain
Cronos (CRO) $ 0.147410
cosmos
Cosmos Hub (ATOM) $ 11.42
stellar
Stellar (XLM) $ 0.125579
flow
Flow (FLOW) $ 2.93
monero
Monero (XMR) $ 164.35
bitcoin-cash
Bitcoin Cash (BCH) $ 141.20
algorand
Algorand (ALGO) $ 0.360218
filecoin
Filecoin (FIL) $ 9.21
vechain
VeChain (VET) $ 0.031685
apecoin
ApeCoin (APE) $ 7.29
internet-computer
Internet Computer (ICP) $ 8.31
decentraland
Decentraland (MANA) $ 1.08
chain-2
Chain (XCN) $ 0.085211
hedera-hashgraph
Hedera (HBAR) $ 0.078174
the-sandbox
The Sandbox (SAND) $ 1.33
tezos
Tezos (XTZ) $ 1.90
quant-network
Quant (QNT) $ 125.38
theta-token
Theta Network (THETA) $ 1.67
axie-infinity
Axie Infinity (AXS) $ 18.69
elrond-erd-2
Elrond (EGLD) $ 66.48
aave
Aave (AAVE) $ 102.76
frax
Frax (FRAX) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.48
eos
EOS (EOS) $ 1.24