India's Central Bank and Financial Intelligence Agency Review Overseas Crypto Cards, Users Report Inability to Use

The Reserve Bank of India (RBI) and the Financial Intelligence Unit (FIU) of India are monitoring the use of overseas crypto cards. These cards allow Indian residents to convert cryptocurrencies into rupees for domestic consumption and withdrawals. In recent days, some Indian residents have reported that their crypto cards and service provider websites have been blocked; since October 29, multiple users have reported on social media that their crypto cards are unusable in India. Sources indicate that the RBI and FIU are in communication with Visa and Mastercard regarding this matter, and it is possible that institutions like Visa have begun to suspend crypto card transactions initiated from within India or to India. The RBI, Visa, and Mastercard have not responded to requests for comment. This blocking may be related to a warning from the non-profit blockchain research organization Digital South Trust, which applied for a Visa-supported RedotPay virtual crypto card in August, completed multiple online transactions within India, and submitted relevant records to Indian regulatory authorities. Legal and tax professionals believe that such cards may violate India's Foreign Exchange Management Act (FEMA) and related regulatory frameworks.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.