Original sourceThe Economic Times
Summary
Offshore crypto cards that let Indian residents convert digital assets into rupees for domestic spending and withdrawals are under scrutiny by the Reserve Bank of India (RBI) and the Financial Intelligence Unit (FIU), according to reports. Offered by providers like RedotPay and running on VISA and…
Key points
- Reveals how crypto cards operate in a regulatory gray area and the risk of users suddenly having cards suspended.
- Crypto cards plug stablecoins into daily payments; if major emerging markets tighten rules, it will directly affect card issuers' and cross-border payment providers' product design.
- Users relying on offshore crypto cards should prepare alternative payment methods; card issuers and wallet providers need to reassess KYC and FX compliance in emerging markets.
Editorial note
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