Payment gateways avoid powering crypto exchanges given RBI reservations

Recently, NPCI had clarified that it is not aware of any crypto exchanges using UPI after Coinbase, America's largest crypto exchange said it has tied up with UPI

After crypto exchanges’ fiasco with Unified Payments Interface (UPI), wherein they had to disable rupee deposits through the payment platform, payment aggregators have also taken a conscious call to not power crypto exchanges and transactions. This comes in the wake of the central bank’s serious reservations around such assets.

Vishwas Patel, executive director of Infibeam Avenues, said: “Payment gateways are avoiding powering crypto exchanges. The payment gateways have not been working with the crypto exchanges for a long time, except for one or two small payment gateways.” 

He said it’s a conscious decision on their part because the Reserve Bank