India's cryptocurrency industry is once again in a regulatory flux following fresh concerns voiced by RBI Governor Shaktikanta Das. As banks keep crypto-related transactions at an arm's length, government intervention is urgently needed to frame guidelines for the sector
The National Payments Corporation of India (NPCI), which runs the UPI platform, has not banned cryptocurrency transaction but has left the onus on banks to decide.
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Ravi Venkatachalam has been keenly researching online, the characteristics of different cryptocurrencies to add to a now-expanding portfolio, which includes blue-chip, mid-cap stocks and some investments into mutual fund schemes. “My friends have dabbled in it and I’ve seen the sharp upswings in some cryptos. I did not want to miss out,” Venkatachalam (name changed), an IT engineer now pursuing a business administration degree from a business school, told Forbes India in end-May, speaking from his home in Central Mumbai.