CoinSwitch Kuber, a cryptocurrency exchange, has banned all forms of payment, including bank transfers, for crypto purchases on its site. Two days ago, Coinbase had to shut the Unified Payments Interface (UPI), which was the site’s only cryptocurrency purchasing option.
CoinSwitch Kuber has banned all forms of payment, including bank transfers, for crypto purchases on its site
While the government attempts to regulate cryptocurrencies and other digital assets, CoinSwitch Kuber, a crypto exchange platform, has temporarily halted all methods of payment for purchasing digital coins, including bank transfers.
Users in India have been unable to make deposits in Indian rupees since Tuesday morning (INR). All sorts of transfers, including UPI and bank transfers via NEFT, RTGS, IMPS, and other similar mechanisms, have been stopped.
CoinSwitch has yet to respond to information demands or issue a formal statement. Several customers have approached the company for an explanation on Twitter, but no response has yet been received.
Cryptocurrency exchanges in India have been impacted since April 1, when the government announced that gains from cryptocurrencies and other virtual digital assets will be taxed at 30%. This was part of the government’s attempt to handle uncontrolled currencies in India to prevent fraud after the Reserve Bank of India issued a warning about possible macroeconomic effects.
India’s crypto regulations have caused trading volumes on major exchange platforms to plummet, reports claim. Due to a lack of understanding of how the new proposed Finance Bill will handle cryptocurrencies in India, several exchanges, including ZebPay, WazirX, and Giottus, have also reduced payment methods.
According to Moneycontrol, Mobikwik, which was the sole wallet that worked across different platforms, has ceased operations as of the beginning of this month.
Earlier this week, Coinbase, a US crypto trading site, ceased accepting payments made in India using the Unified Payment Interface, or UPI, for cryptocurrency purchases. “This payment option is temporarily unavailable,” the message states. I saw a disclaimer in the Coinbase mobile app on Sunday.
This did not sit well with the NPCI, who issued a statement immediately after the debut, stating that “we are not aware of any crypto exchange using UPI.”
Following NPCI’s explanation, Coinbase added, “We are aware of the recent statement published by NPCI regarding the use of UPI by cryptocurrency exchanges.” We intend to collaborate with NPCI and other appropriate agencies to ensure we are on the same page.
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