Blockchain & crypto news from India
In a letter, the Blockchain and Crypto Assets Council has requested a meeting with the inter-bank retail settlements and payments body to understand and discuss the issues around the cryptocurrency trade. BACC has also asked NPCI that many of the cryptocurrency exchanges strictly adhere to NPCI protocols and KYC and asked it to restore the…
Indian crypto investors now prefer peer-to-peer transfers, Telegram or WhatsApp groups and spot trading to trade currencies because of volatile banking services being offered by the banks to exchanges. Currently, SBI blocked receiving of funds by the crypto exchange on its UPI platform. Though most top-notch exchanges witnessed a rise in buying activity in the…
India’s largest lender, State Bank of India has banned crypto exchanges from receiving funds through its UPI platform and has asked payment processors to disable SBI UPI on their platform also. SBI’s stance came after a slew of banks imposed alike bans on cryptocurrency exchanges over the previous few years. In May, HDFC Bank has…
Athey Nallatha, a Kerala-based startup that sells fusion pickles to global as well as domestic clientele, becomes the first firm in the state which is ready to accept crypto for its payments. The startup claimed that it is also the 7th company in the country to enter into crypto-based transactions. The firm started its payment…
Cryptocurrency traders and exchangers are dealing with an ongoing problem with many banks not interested in allowing transactions that deal with crypto exchanges. According to sources, the problem started in February end. In recent weeks some banks have directed payment gateways to not permit crypto-related transactions. As a result, some cryptocurrency exchanges have been encountering…
National Payments Corporation of India which runs UPI in India has denied banning crypto transactions. The domestic payments authority has instead asked banks to take a stand considering their risk assessment. The decision should be taken based on the advice of the banks’ compliance and legal departments. The NPCI’s suggestion is important at a time…
Reckoned as a WhatsApp rival, Signal has started testing a new peer-to-peer payments system in its beta version of the app. The fast-growing encrypted messaging app Signal informs that it wants payments on its app to be private, quick and also mobile-friendly. It further revealed that an add-on called MobileCoin is also being introduced to…