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An Indian cryptocurrency exchange and a policy firm have separately requested the government to reinstate access to the national Unified Payments Interface (UPI) for crypto firms. This access was apparently suspended in 2022. Although the proposals were not coordinated, they demonstrate the concerted efforts of India's crypto stakeholders to advocate for policy changes in an industry that has faced challenges such as taxes and a "crypto winter."
The Indian government and central bank have received proposals to restore UPI access for the crypto industry, which was indirectly suspended by the National Payments Corporation of India (NPCI) following the government's implementation of a 30% tax on digital assets. The establishment of the Bharat Web3 Association (BWA) has provided hope for the industry, as the committee has put forth two proposals seeking favorable policies and regulations. The BWA is expected to unveil a third proposal in the near future.
The disruption in the UPI system occurred when Coinbase launched operations in India, and the NPCI clarified on Twitter that they were unaware of any crypto exchanges utilizing UPI. The decision on whether to restore UPI access for crypto exchanges remains uncertain but holds significant implications for the Indian crypto industry.
