The National Payments Corporations of India (NPCI) announced on Thursday that it is not aware of any cryptocurrency exchanges using the Unified Payments Interface (UPI) to conduct transactions.
NPCI stated that they are not aware of any cryptocurrency exchange in India that accepts UPI for cryptocurrency purchases
The NPCI announcement comes in the wake of media reports claiming that UPI can be used to buy cryptocurrency. The National Payments Corporation of India (NPCI) is an umbrella body that manages India’s retail payment and settlement systems. The planned 30 percent’ crypto tax’ in the Union Budget takes effect on April 1, 2022.
According to recent media reports about the purchase of cryptocurrencies through UPI, the National Payments Corporation of India wants to clarify that it is not aware of any crypto exchanges using UPI.
The National Payments Corporation of India (NPCI) is the governing body for all Indian retail payment and settlement systems. In the fiscal year 2022-23, UPI’s transaction values reached $1 trillion, with 5 billion transactions reported in March 2022.
The clarification comes just days after Coinbase said at an event on Thursday that it will begin full-scale crypto trading in India, with customers able to purchase bitcoin using UPI. Coinbase CEO Brian Armstrong discussed the Indian bitcoin market’s newfound potential, as well as the exchange’s ambitions to hire and expand its operations in the country.
“Coinbase Ventures has already invested $150 million in homegrown Indian technology companies in the crypto and web3 space, and it’s continually searching for new methods to assist Indian entrepreneurs scale,” says the company. The company, whose Indian tech hub began last year, employs over 300 full-time employees in India’s states and regions, according to a blog post by Brian Armstrong for Coinbase.
Meanwhile, beginning April 1, the Indian government would impose a 30% tax on any profits gained from cryptocurrency trading, as well as a 1% TDS on every intraday bitcoin transaction. Violations of the new tax legislation might result in a seven-year prison sentence.
“We’re excited to collaborate with India’s creative software talent to broaden our product offerings, and we’ll keep investing heavily in our India hub.” “We have great plans for India,” Armstrong added, “and we’re hoping to hire over 1,000 people in our India center this year.”
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