SBI prohibits traders from using its UPI to sell/buy cryptocurrency

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…

india crypto regulations

Impediment in regulation on cryptocurrencies increases lobbying

The postponement in the government establishing the regulation on crypto has given rise to intense lobbying, with agencies anxious over the risks emerging from an unregulated section with utmost price unpredictability, posing a threat to investors, the majority of who don’t understand the instrument. In addition to this, there are issues over the instrument being…

Nirmala Sitharaman: Cryptocurrency bills awaits cabinet’s approval

The much-anticipated legislation to regulate virtual currency in India, the crypto bill is anticipated to be taken up by the Union Cabinet soon. During a conversation with the reporters, the finance minister Nirmala Sitharaman said that the cabinet note is ready on the crypto bill. She added that she is awaiting Cabinet to clear that….