The Blockchain and Crypto Assets Council (BACC) has asked the National Payments Corporation of India (NPCI) to restore the UPI service to Indian crypto exchanges.
In a letter, it requested a meeting with the inter-bank retail payments and settlements body to discuss and understand its concerns around the crypto trade, media reports said.
“We asked for some time with the NPCI to understand their reservations and put forth our viewpoint to remove any misunderstanding,” a BACC source said.
In the letter, BACC has reportedly told NPCI that several of the crypto exchanges strictly follow user KYC and other NPCI protocols and asked it to restore the UPI service to such businesses.
BACC is a non-profit advocacy group under the Internet and Mobile Association of India (IAMAI). It has all major local crypto exchanges, including CoinSwitch Kuber, CoinDCX, and WazirX, as its members. In October 2021, CoinSwitch founder Ashish Singhal and CoinDCX co-founder Sumit Gupta were appointed as...
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