India Reviews RedotPay Crypto Cards for Possible FEMA Violations

The Reserve Bank of India (RBI) and Financial Intelligence Unit-India (FIU-IND) are examining offshore crypto cards, including RedotPay’s, to assess whether the products comply with payment and foreign-exchange rules. The agencies have also communicated with Visa and Mastercard during the review. The cards let users in India spend stablecoins and other crypto held in overseas wallets at local merchants, or withdraw rupees from ATMs. The review concerns India’s payment-system regulations and its Foreign Exchange Management Act (FEMA). Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.