Amid regulatory concerns, Indian crypto exchange CoinSwitch Kuber has temporarily disabled all rupee deposit on its app as of Tuesday morning. The CoinSwitch mobile app users have been stopped from making INR deposits via UPI as well as bank transfers through NEFT, RTGS, IMPS etc.
CoinSwitch has not made any official statement on this latest development. Meanwhile, several CoinSwitch users took to twitter to ask the exchange as to why INR deposit was not working on the app.
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As per reports, crypto trading volumes on major crypto exchanges like WazirX, ZebPay and Giottus have reported sharp declines recently in the wake of uncertain crypto regulations in India.
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FE Online earlier reported that US-based crypto exchange Coinbase disabled UPI payment method on its app within hours of its India launch on April 7, 2022. Coinbase took the move after UPI implementing agency National Payments Corporation of India (NPCI) said it was not aware of any crypto exchanges using the Unified Payments Interface.
Commenting on the NPCi statement of not being aware of any crypto exchanges operating in India using UPI to buy cryptocurrencies, Om Malviya, president of Tezos India, said, “While we appreciate and respect the notification from NPCI, it is also important to emphasise that a letter like this can lead to confusion amongst the users/investors as to what is legal or illegal when it comes to payment for Virtual Digital Assets (VDA).”
“NPCI must come up with further clarifications with what exactly they intend to convey and what future they seek for the cryptocurrency space in India. And when doing so, they must take into consideration the immense economic potential that crypto holds for our Web3-powered future,” he added.
(Cryptos and other virtual digital assets are unregulated assets in India. Investing in them could lead to losses. Please consult your professional financial advisor before investing in crypto)