Cryptic Gift Cards: Unpacking India's Unregulated Crypto Enabled Purchases In recent years, Indian crypto users have increasingly turned to a novel mechanism for making everyday purchases: purchasing gift cards issued by international fintech platforms.
These vouchers can be used to buy groceries, fuel, mobile recharges, food delivery, and even gold within India. The process involves offshore entities partnering with Indian companies that sell voucher codes.
This "round tripping" method bypasses local banking regulations and tax authorities, raising concerns about the effectiveness of existing frameworks governing cross border payments in India.