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NPCI refuses to ban Crypto: Decision is now left to the Banks

NPCI refuses to ban crypto in India. Now is up to the banks to decide.

  • Dean Fankhauser
  • Posted
  • Read Time1 minutes

The National Payments Corporation of India (NPCI) does not intend to block crypto trading in the country. Instead, the decision has been left to local banks, which can now decide whether or not to block dealings with cryptocurrency. 

In 2018, India’s Central Bank banned cryptocurrency trading. Two years later, however, the decision was overturned by the supreme court of India. 

However, the country’s officials still dabble into the idea of implementing a full-scale Crypto ban. Authorities keep implementing strict rules, and a proposal was made in order to make mining, trading and owning crypto a punishable offence. However, recent reports stated the proposal was overturned.

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