FOREX NEWS

HOMEFOREX NEWS

12-04-2022|Crypto

CoinSwitch disables INR deposits and suspends crypto purchase options on its app.

CoinSwitch Kuber, a crypto exchange platform, has temporarily suspended all ways of payment for purchasing digital coins, including bank transfers, as the government works to regulate cryptocurrencies and other digital assets. As of Tuesday morning, users in India are unable to make deposits in Indian rupees (INR). This has also been blocked for all types of transfer, including UPI and bank transfers via NEFT, RTGS, IMPS, and other similar methods.

CoinSwitch Kuber's stunning decision has practically rendered the platform unusable, leaving customers with no way to load their crypto wallets and purchase cryptocurrencies.

This has had a substantial impact on CoinSwitch's millions of users, which will have an influence on the platform's trading volumes. Even after the National Payments Corporation of India (NCPI) stated that crypto exchanges utilising UPI are not recognised, the corporation authorised payment using UPI barely a day ago. Users could use UPI apps like PhonePe, Paytm, Google Pay, and NPCI's BHIM to make transactions on CoinSwitch Kuber.

CoinSwitch has yet to react to requests for information or provide an official comment. Several consumers have asked the firm for an explanation on Twitter, but there has been no answer as of yet.

Since April 1, when the government announced that gains from cryptocurrencies and other virtual digital assets will be taxed at 30%, cryptocurrency exchanges in India have been impacted. This was part of the government's attempt to manage uncontrolled currencies in India to avoid fraud after the Reserve Bank of India warned of potential macroeconomic consequences.

Trading volumes on major crypto exchange platforms have plummeted due to a lack of clarity in India's crypto regulations, according to reports. Payment method options on various exchanges, such as ZebPay, WazirX, and Giottus, have also decreased, owing to a lack of understanding on how the new proposed Finance Bill will handle cryptocurrencies in India. Mobikwik, which was the sole wallet that worked across different platforms, has ceased operations as of the beginning of this month, according to Moneycontrol.

CoinSwitch's action comes two days after 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 for purchases," says the message "On Sunday, I saw a disclaimer in the Coinbase mobile app.

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." "..

Coinbase made its own announcement shortly after the NPCI explanation, adding, "We are aware of the recent statement published by NPCI regarding the use of UPI by cryptocurrency exchanges." We are dedicated to collaborating with the NPCI and other relevant authorities to ensure that we are meeting local expectations and industry standards."

Leave a Comment :


Cancel
  • We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We're also a community of traders that support each other on our daily trading journey.

Other Links

Learn Forex Trading

Corporate Address

  • 8210 Desoto Dr, West Chester, OH - 45069, USA
  • (513) 968-7209
  • support@drforexofficial.com
Trustpilot

Trading CFDs on leverage involves significant risk of loss to your capital.

Any opinions, chats, messages, news, research, analyses, prices, or other information contained on this Website are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. The Website should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. DrForexOfficial, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. Read our full legal disclaimer.

© 2020-2024 All Right Reserved. DrForexOfficial

We will provide you latest market updates and analysis, for that you can JOIN OUR TELEGRAM CHANNEL and get daily profit and more facilities. If you want to JOIN TELEGRAM CHANNEL, click here to join.