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Is crypto trading legal in India when NPCI refuses to ban crypto trades?

According to ET, the NPCI has refused to block fund movements for cryptocurrency trades in India. It is said to have asked banks to make a decision based on the advice of their legal and compliance departments. “If the NPCI took a central decision to disable UPI and RuPay cards for investing in cryptocurrencies, it would…leave investors with fewer payment options,” an industry official said. Is crypto trading legal in India when NPCI refuses to ban crypto trades?

Also, with an internal discussion with BuyUcoin Team on the same topic, ShivamThakral said

“We welcome Sh S.C Garg’s statement in support of the Indian crypto industry. We remain optimistic that government will soon announce positive regulatory guidelines for the crypto industry in India which will boost investor confidence and create more employment opportunities for the youth of India. A recent statement by NPCI regarding crypto also points towards a bright future for the Indian crypto industry. We urge all the relevant stakeholders to enable the growth of blockchain technology and digital assets to position India as the blockchain capital of the world”.

Source : inshorts

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