The customers vented their displeasure on social media CoinSwitch Kuber and WazirX, which have stopped accepting rupee deposits for the purchase of cryptocurrency. India has been working on laws to prohibit or regulate cryptocurrencies for years, with the central bank calling for a ban due to the threat they pose to financial stability, but a recent step to tax bitcoin revenue implies that officials are on board.
Crypto exchanges are blocking the transfer network, which has concerned Indian investors
When Indian crypto exchanges CoinSwitch Kuber and WazirX restricted rupee transfers for bitcoin purchases using a commonly utilized state-backed switch mechanism, customers vented their displeasure on social media CoinSwitch Kuber and WazirX.
India has been working on a bill to prohibit or regulate cryptocurrencies for years, with the country’s central bank calling for a ban due to the threat they pose to financial stability, but a recent step to tax bitcoin revenue implies that officials are on board.
The National Payments Corporation of India issued a one-line statement last Monday asserting that it had not seen any crypto trades utilizing its United Payments Interface (UPI) infrastructure, which allows for bank transfers.
CoinSwitch’s app was not enabling customers to load deposits on Wednesday, while rival exchange WazirX claimed on Twitter that “UPI is not available,” and that it had no idea when the issue with UPI deposits would be resolved. mentioning when it will be closed. At the very least, please tell us how long it will be closed,” tweeted Twitter user Avijit Debnath.
CoinSwitch’s decision to stop using UPI was prompted by “regulatory uncertainty” following the NPCI statement, according to a source familiar with the situation.
In February, India announced that revenue from cryptocurrencies and other digital assets will be taxed at a rate of 30%, signaling that the government backs digital currencies. However, the industry has been hampered by regulatory ambiguity.
CoinSwitch said in October that it has received more than $260 million for a valuation of $1.9 billion, illustrating the growing popularity of cryptocurrency trading.
Despite the lack of official data on the size of the Indian crypto market, industry estimates place the number of investors between 15 and 20 million, with total holdings of more than 400 billion Indian rupees ($5.25 billion).
CoinSwitch, which claims to have over 15 million users, did not respond to inquiries right away. The NPCI did not answer right away, either.
If you find this article informative then do not forget to share it with your friends and family! Let us know what do you think in the comment section below.
Also read: Meta Ruffy: Everything you need to know
