Strassensheriff

• The Bharat Web3 Association (BWA) is set to submit a proposal to the Indian government and the Reserve Bank of India (RBI) for access to the country’s UPI for crypto exchanges.
• This comes after two other entities already made similar proposals, with two more expected in the coming weeks.
• The National Payments Corporation of India (NPCI) had claimed that it was not aware that crypto exchanges were using UPI services.

Proposal Submitted for UPI Access

The Bharat Web3 Association (BWA) has submitted a new proposal to the Indian government and the Reserve Bank of India (RBI), urging them to restore access to the country’s Unified Payments Interface (UPI) for crypto exchanges operating in India. This follows after two other entities have already made similar proposals, with BWA’s expected to come in a few weeks.

Previous Proposals

The latest development also comes after Blockchain and Crypto Assets Council (BACC), an organization under Internet and Mobile Association of India (IAMAI), called for restoration of UPI for crypto firms in India back in 2022. However, IAMAI dissolved this advocacy group due to India’s uncertain regulatory environment at the time.

Uncertainty From NPCI

Meanwhile, National Payments Corporation of India (NPCI), which is part of RBI, had claimed that it was not aware that crypto exchanges were utilizing its UPI service back in 2022. Despite this confusion and lack of clarity from authorities, BWA remains hopeful about its proposal being accepted by both sides soon.

Advocacy Group Formed

In November 2022, BWA was formed as a cryptocurrency advocacy group following IAMAI’s disbandment of their group due to regulatory uncertainty around cryptocurrencies in India. They are hoping that their new proposal will be accepted by both sides soon so they can regain access to UPI services once again.

Conclusion

India’s cryptocurrency sector has been on a roller coaster ride since 2018 when RBI put a ban on banks providing services related businesses dealing with cryptos over money laundering concerns. Even though there hasn’t been any official word from either side yet regarding this issue, BWA remains hopeful about regaining access to UPI services soon as they await their proposal being accepted by both sides shortly

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