UPI Access for Crypto Transactions Could Be Restored Soon

[pakhitheboss]

I came across this article a few days back but unfortunately, I forgot to discuss it here. Last year the Government suddenly restricted cryptocurrency exchanges from integrating the UPI system. This is not the first time that a proposal has been sent to the government. Two already has been sent but the government has not responded.

Indian crypto exchanges and a policy firm have asked the government to restore access to the Unified Payments Interface (UPI) for crypto transactions. UPI is a popular real-time payment system in India. The government has not yet responded to the requests.

Source.

After reading this article what I would like to know from you guys is that do you think it is a first major push asking the government to change the rules governing the industry.

[Bureau]

Nope! It looks more like a request than like a push. It seems the government is least interested in any request from any cryptocurrency governing body. They are a bunch of private companies (exchanges) that understand how badly their profit is shrinking every day. I do believe that Government does not recognize such policy advocacy groups. At the moment the government is busy with G20 if they do allow UPI then it might be allowed after the monsoon session of Parliament.

[pawanjain]

Nope! It looks more like a request than like a push. It seems the government is least interested in any request from any cryptocurrency governing body. They are a bunch of private companies (exchanges) that understand how badly their profit is shrinking every day. I do believe that Government does not recognize such policy advocacy groups. At the moment the government is busy with G20 if they do allow UPI then it might be allowed after the monsoon session of Parliament.

You are right on point. Even I think the government is least bothered about these requests.
Moreover, I think India is lagging behind in terms of technological advancements which is why they won't honor this request.
Just look at China and see their developments in last 10 years which shows a significant difference in their technological advancements.
China was once behind India and now it has developed products being used in many countries.

[avikz]

What's the use? I am not generally a negative person. But after the imposition of 30% tax on crypto transaction, I became very negative about the future of cryptocurrency in India. So I really do not know what purpose it would serve to activate UPI transactions in Indian crypto exchanges!

Even if it gets activated, it will still come out of your bank account and your exchange is going to charge 1% TDS to let the income tax department know about your crypto transactions. Then at the end of the year, 30% tax will be charged on that amount. No use literally!

[IIrik11]

What's the use? I am not generally a negative person. But after the imposition of 30% tax on crypto transaction, I became very negative about the future of cryptocurrency in India.

yeah..

and the cycle isn't running.

for a currency to become usable it has to be accepted more.

nobody is using it here because no one is getting paid in it.

no one is getting paid in it because there is no profit for employers to use it as payment.

most hodlers including me r using it as store of value or as investment to sell it and make profit one day

but other than that there is no movement..

i don't spend it because a. there is no where to spend it and ..

b. it is hard to buy again so let's not spend it at all.

its hit a fuggin road block!