No Information about Trading in Cryptocurrency from UPI: NPCI Clarifies

In India, no customer is permitted to trade in cryptocurrency utilising UPI. The National Payments Corporation of India (NPCI) has flatly denied any such occurrence. On Thursday, it denied accusations from a cryptocurrency exchange that it permitted consumers to buy cryptocurrencies from the exchange through the Unified Payments Interface (UPI).

According to NPCI, certain recent media reports indicate that bitcoins were purchased using UPI. That is not the case. The corporation would want to state unequivocally that we are not aware of any crypto exchanges that use UPI.

Let us inform you that the crypto platform Coinbase began large-scale crypto trading in India on Thursday. Customers will be able to purchase crypto money from the exchange via UPI, according to the company. It accounts for 60% of the country’s retail payment traffic.

At an event in Bengaluru on Thursday, Coinbase revealed that its trading platform will be available to retail traders in India. Its CEO, Brian Armstrong, also discussed the exchange’s involvement in Indian crypto businesses and intentions to develop further in the nation. On his blog, Armstrong said that the exchange intends to hire over 1,000 staff for its India branch.

What exactly does NPCI do?

The National Payments Corporation of India (NPCI) was established in 2008 as a retail payment company in India. In the country, NPCI has built a strong payment and settlement system. With retail payment products like as Rupay card, Immediate Paying Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Card, and others, it has altered the mode of payment in India.