Update
RBI and FIU-IND Scrutinize Offshore Crypto Cards
India's Reserve Bank of India (RBI) and Financial Intelligence Unit-India (FIU-IND) are examining offshore crypto cards that allow residents to spend digital assets on everyday purchases and withdraw cash from ATMs. The cards, offered by overseas fintech providers such as RedotPay, allow users to spend stablecoins and other cryptocurrencies through conventional payment networks. The scrutiny centers on compliance with Indian payment regulations and the Foreign Exchange Management Act (FEMA).