The National Payments Corporation of India, the governing body that oversees UPI in the country, said in a statement on Thursday evening that it is not aware of anycryptocurrencies exchange using UPI payments instrument.
The voluntary statement from the payments body shows why other exchanges in India have had trouble with UPI. India's central bank continues to maintain that virtual digital assets need more scrutiny. India's Supreme Court overturned the Reserve Bank of India's ban oncryptocurrencies over two years ago, but banks continue to side with the central bank.
At its maiden India event in Bengaluru earlier on Thursday, which was attended by several top execs, the global giant announced that it is launching a trading service in the country. The company's eponymous app will allow users to buy cryptocurrencies with UPI, the most popular way Indians transact online.
The name of its banking partner was not disclosed. The statement from the NPCI suggests that the UPI is not a good place to start a business in India.
The company did not immediately have a comment.
More to come.
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