The Indian government and the central bank have received two proposals to restore the cryptocurrency industry’s access to UPI. The first proposal was put forward by an Indian exchange, and the second proposal was put forward by the public policy consulting firm Black Dot. Black Dot believed that using UPI would allow users to conduct transactions within the country and facilitate tracking by regulatory agencies and law enforcement agencies.​

Another person familiar with the matter said that India’s newly formed cryptocurrency policy advocacy group Bharat Web3 Association (BWA) will put forward a third proposal in the coming weeks. (CoinDesk)