Top cryptocurrency exchanges in India including CoinSwitch Kuber, WazirX and CoinDCX are seeking to meet the National Payments Corporation of India (NPCI) in regards to restoring UPI services for crypto investors.
The news comes in as these crypto exchanges who are also members of Blockchain and Crypto Assets Council’s (BACC) have written to NCPI asking the UPI regulatory body to restore UPI services for crypto investors.
The firms reportedly said, “We asked for some time with the NPCI to understand their reservations and put forth our viewpoint to remove any misunderstanding.”
The crypto exchanges have also demanded NPCI to bring back UPI services for investors who have attested their user KYC and have abided by the protocols laid down by the regulatory body.
The letter comes in the light of NPCI claiming that they were not aware of crypto firms using UPI.
As a result of which, many payment firms stopped their services to the crypto exchanges, thus slowing down the pace of crypto adoption in India. Indian banks even asked the NPCI to come up with a formal directive regarding the UPIs.
Also read: Virtual Digital Asset Guidelines by July 1: Indian Govt Official
