Cryptocurrency exchanges in India continue to decline. Finally, State Bank’s UPI platform also denied access to cryptocurrency transactions. This means that it is not possible to buy cryptocurrencies through UPI from State Bank accounts. During the last six months, many banks have imposed restrictions on the transfer of money related to cryptocurrencies.
However, the cryptocurrency transactions through UPI were covert and covert. Now, with the decision of the State Bank not to allow crypto transactions through UPI, that route has also been completely closed. The decision of the State Bank, the largest bank in the country, will negatively affect cryptocurrency exchanges in India.
Following the State Bank’s decision, other banks in India are likely to ban crypto transactions from their UPI platforms. The failure of the Reserve Bank to fully recognize or ban cryptocurrencies is creating a smokescreen on their transactions. But the National Payments Corporation, which developed the UPI, did not say whether it would ban cryptocurrencies.
English Summary: SBI UPI Platform Will Not Approve Crypto Currency
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