Covid-19 Forces Indians to Embrace Digital Payments but Country Still Lacks Crypto Regulation

The news site reports that the value of transactions on the Unified Payments Interface, a platform created by India’s largest banks in 2016, reached an all-time high in June. As the country’s infection rate and deaths associated with Covid-19 grew, Indians began switching to digital payment options “as people feared to handle banknotes” amid the pandemic.

According to this survey: Increasing digital payment volumes are a fulfillment of Prime Minister Narendra Modi’s vision of increased use of digital financial technologies. Meanwhile, the Modi government, which is aiming for a billion digital transactions per day, still does not have an official stance on virtual or digital currencies issued technology companies.

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