India’s RBI and FIU scrutinize offshore crypto cards used for rupee payments

India's financial regulators have reportedly begun examining offshore cryptocurrency payment cards that allow residents to spend digital assets in rupees, following concerns over foreign exchange compliance and transaction monitoring. India's RBI and FIU are reportedly examining offshore crypto cards used for everyday purchases and ATM withdrawals. RedotPay is among the providers whose cards allow cryptocurrency balances to fund payments through traditional card networks. Several Indian users have reported card deactivations, although regulators have not announced a formal enforcement action. Legal experts have raised concerns about foreign exchange rules, customer verification and cryptocurrency transaction monitoring. The scrutiny comes as RedotPay continues preparing for a potential U.S. initial public offering.

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