Indian Crypto Industry Calls on Authorities to Restore UPI Access

Indian authorities have been asked to restore crypto exchanges’ access to UPI, the country’s popular real-time payment system. The request comes after crypto exchanges were blocked from using UPI in March 2023.

The request was made by the Bharat Web3 Association (BWA), a newly formed crypto policy advocacy group. The BWA said that the blocking of UPI access has made it difficult for crypto exchanges to operate in India.

“The blocking of UPI access has caused significant disruption to the crypto industry in India,” the BWA said in a statement. “It has made it difficult for crypto exchanges to onboard new users and process withdrawals.”

The BWA also said that the blocking of UPI access is in violation of India’s Supreme Court ruling that declared crypto to be a legal asset class.

“The Supreme Court has already ruled that crypto is a legal asset class,” the BWA said. “The blocking of UPI access is a clear violation of this ruling.”

The BWA has called on Indian authorities to restore crypto exchanges’ access to UPI as soon as possible.

“We urge the Indian government to restore crypto exchanges’ access to UPI,” the BWA said. “This will help to promote innovation and growth in the crypto industry.”

It is important to note that the Indian government has not yet responded to the BWA’s request. However, the request has received support from some Indian lawmakers.

“The blocking of UPI access is a clear overreach by the government,” said Rajeev Chandrasekhar, a member of the Indian Parliament. “I urge the government to restore crypto exchanges’ access to UPI immediately.”