Grey zone in Indian payment laws: Crypto goes shopping in rupee using QR-linked loophole
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Unified Payments Interface is now being used to buy goods using cryptocurrencies through apps like goat.cash.
- ✓Shoppers scan QR codes to convert USD Coins into rupees for vendors.
- ✓A digital activist said, “Once a buyer shares the India location, the UPI option crops up,” after testing the new payment method.
Story at a Glance
- Category
- Indian Markets
- Reported By
- The Economic Times
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
Synopsis
Unified payments interface is now being used for buying cryptocurrencies through applications like goat.cash. Consumers can conveniently convert their cryptocurrencies, such as USD Coins, to pay vendors for goods. This involves scanning QR codes and entering necessary details, which facilitates quick transactions. Intermediaries help complete the process by converting USDC to rupees for vendors. Additionally, stable coins often trade at a premium within the Indian market.
Mumbai: Unified payments interface (UPI), the ubiquitous system that has transformed the way Indians move money, is being misapplied to shop in cryptocurrencies.
Web applications like goat.cash and conversion merchants acting as intermediaries are seamlessly converting cryptos in buyers’ wallets into rupees to pay sellers of any goods and services in less than two minutes.
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The Economic Times
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