WazirX and CoinSwitch Kuber disable INR deposits using the UPI option. CoinSwitch has also halted the bank transfer option via NFT, RTGS, or IMPS. This is not the first time Indian exchanges are facing such an issue. The authorities have always been unclear on the crypto regulations in India, and this has made it difficult for them to work with banks. A go-around option the platforms were using was Mobikwik which charged a hefty 1.5% + GST fee on deposits.
Uncertainty and fear among investors
There are countless times I personally have missed investment opportunities because exchanges were not allowing INR deposits. And a lot of you might feel the same way too. Then there is the uncertainty factor as exchnages haven’t yet announced any time frame within which they plan to bring back the deposit option. However, disabling the UPI option is understandable both on parts of WazirX and CoinSwitch.
After Coinbase arrived in India, NPCI made a statement that they are not aware of any crypto exchanges using the UPI option. And this regulatory uncertainty pushed these platforms to disable it temporarily. However, if you want to withdraw your funds, that option is still available.
Indian authorities are destroying the crypto community
While other nations are advancing in this field and are supporting their startups and businesses, India has taken the old route of not caring. There is still no regulatory clarity, the tax regimes speak as of the government only cares about money (which it does), and small investors and traders are suffering the most. I don’t understand if the government is willing to take a 30% cut from investors’ profits, why can’t they extend a little support to the community.
After the new tax regime was implemented on April 1, 2022, the trading volume on crypto exchanges also took a dip. This shows even the platforms are not doing great. Foreign exchnages like Coinbase also had to shut down their operations just within 3 days after the lack of clarity.
What are your thoughts on WazirX and CoinSwitch Kuber as they disable INR deposits due to regulatory uncertainty? And do you think there will be more clarity in the future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Crypto Investors get notices from the government after Indian crypto exchanges share data.
