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NPCI clarifies on reports about crypto trading via UPI in India

NPCI clarifies on reports about crypto trading via UPI in India

The clarification comes amid reports of crypto platform Coinbase launching full scale crypto trading in India.

(representational image) (representational image)

The National Payments Corporation of India (NPCI) on Thursday clarified on reports of cryptocurrency exchange allowing customers to purchase cryptos through the exchange by using the Unified Payments Interface (UPI). 

In a statement, NPCI said, “With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI."

The clarification comes amid reports of crypto platform Coinbase launching full scale crypto trading in India on Thursday. The company announced that its customers will be able to purchase cryptos through the exchange by using the UPI, the payment method that now accounts for 60 per cent of retail payment traffic in the India.

As learnt by Business Today, Coinbase announced on Thursday at an event in Bengaluru that their trading platform would be available for retail traders in India. Moreover, its CEO Brian Armstrong also spoke about the exchange’s investments in Indian crypto startups and highlighted that the exchange has plans of further expansion in the country.

On Monday, Armstrong had announced on his blog that the exchange is planning to hire over 1,000 people for their India office.

(With inputs from Aakanksha Chaturvedi)