RBI, FIU-IND Scrutinise Offshore Crypto Cards Linked to Visa, Mastercard and RedotPay
Photo: TheNewsCrypto
India’s Reserve Bank of India (RBI) and Financial Intelligence Unit-India (FIU-IND) are examining offshore crypto cards that allow residents to spend digital assets on everyday purchases and withdraw cash from ATMs, according to a November 2 report by The Economic Times . The scrutiny centres on whether these cards comply with Indian payment regulations and the Foreign Exchange Management Act (FEMA). The report, citing two people familiar with the matter, said authorities are also understood to be in contact with Visa and Mastercard. Neither the RBI nor the payment networks confirmed the discussions.
Source: TheNewsCrypto
