India’s central bank and the Financial Intelligence Unit are reviewing offshore crypto payment cards that let users convert cryptocurrency into rupees for spending through Visa and Mastercard networks, according to a Techub News brief citing Crypto.news. The products under review include cards linked to RedotPay and similar services.
Some users in India said they have recently run into card suspensions or have been unable to access related websites. The review trail was linked to Digital South Trust, a blockchain research group based in Bengaluru. The group said it had obtained a RedotPay virtual card and completed a domestic transaction in India.
The report also said RedotPay is still preparing for a potential U.S. IPO. Visa, Mastercard, and the Reserve Bank of India did not respond to requests for comment, according to the source material.
India’s central bank and the Financial Intelligence Unit are reviewing offshore crypto payment cards, according to Techub News, which cited Crypto.news.
These cards allow users to convert cryptocurrency into rupees for spending through Visa and Mastercard. The products mentioned in the report include services tied to RedotPay.
Some users in India said they have recently faced card suspensions or were unable to access related websites.
The review trail came from Digital South Trust, a blockchain research organization in Bengaluru. The group said it had obtained a RedotPay virtual card and completed a domestic transaction.
RedotPay is still preparing for a potential U.S. IPO.
Visa, Mastercard, and the Reserve Bank of India did not respond to requests for comment.
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