There is a serious debate going on in the entire world when the Indian Government planned to put a permanent ban on cryptocurrencies. Cryptocurrencies are preferred by millions of people in the entire world, and in India, it has got a great response which was not at all expected by anyone. Every bitcoin owner in India is worried about this issue because they have invested their precious money in the bitcoins. Some days ago, there were rumors that the National Payment Corporation of India will announce the ban on conducting payments for cryptocurrencies through the UPI. Making payments through the UPI is one of the easiest modes to invest in cryptocurrencies in India. This is because the users are not required to visit any banking institutes or go through any documentation for making payments through the UPI.
This was really a serious matter of concern until the National Payment Corporation of India revealed in one of the statements that there has no plan to put any kind of ban on making payments through cryptocurrencies. If you want to invest in bitcoin, you can read how to optimize bitcoin trading.
- India's payment authority's national payments corporation is India's payment authority has mentioned that it will be the banks who will decide whether to give authorization to the cryptocurrencies-based transactions. The NPC has nothing to do with this decision which means that there is no ban until the present time. This is really a great thing that indicates that NCPI does not have any kind of problem with the increased use of cryptocurrencies in India.
- The source from the local media has claimed about this report mentioned by India's national payments corporation in last week. It is only the NCPI that regulates the Unified Payments Interface, also known as UPI, which is a real-time transaction system. This system performs the inter-banking transactions by the Reserve bank of India, which is the central bank of India. It has millions of active users from entire India because of relevant access.
- Though NCPI has full authority to decide on the UPI, it has refused to take any action regarding its use to buy the bitcoins. It will be now the banks who will have to decide whether to allow the use of it. It has also asked banks to take decision by considering the advice of legal and compliance departments and have an assessment of risk on their own. It indicates that NCPI has no issue if digital currencies like bitcoins are getting attention from the users.
- The reports suggest that if NCPI ever decides to ban the use of transaction through cryptocurrencies, it will be implied on all the banks offering their service in India. This will limit the options for the bitcoin investors to make payments. It is because even at the present time, there is a very limited source that can be considered for making the payments. People are really afraid of this because they are obsessed with making payments for cryptocurrencies through the UPI.
- This all started when the Supreme Court of India asked to wipe off the ban from the cryptocurrency market, which the central bank of India imposed. Even after the supreme court order, some selected institutions have restriction on the transaction, which includes cryptocurrencies. The most disappointing part is that these institutes have also closed the accounts of the users who are investing in bitcoin using cryptocurrencies. This has made people worried about investing in bitcoin as they worried that they have chances of losing their valuable money if their account will get closed.
- The report offered by the official site of economic times has clearly revealed that some of the leading banking institutes have banned the account of merchants who are dealing for cryptocurrencies-based transaction on their platform. This is why the customers of those dealers are not able to transact or transfer even a little fund from their bank account to an exchange platform for investing in the bitcoins. In the beginning, the customer thought that it would be some payment issue, but soon they got an idea about this ban.
So, the users are advised to choose the bank which has not imposed the ban on bitcoins and enjoy transacting through it by investing in it using UPI.