Many Indian cryptocurrency exchanges are removing rupee deposits and limiting payments via the Unified Payments Interface. The National Payments Corporation of India issued a statement regarding crypto exchanges using the UPI system.
Indian Exchanges No Longer Offer Major Payment Options
The options for Indian rupees to be deposited at cryptocurrency exchanges is decreasing. A rising number of cryptocurrency exchanges are denying INR deposits via the Unified Payments Interface system (UPI), which is one of the most commonly used retail payment methods.
Wazirx crypto-exchange does not support UPI. The exchange tweeted Wednesday, “Currently, UPI is not available.” Coindcx is also not supporting payments by UPI, saying on Twitter Monday, “UPI is temporarily unavailable.”
Coinswitch Kuber said that it had suspended all INR deposits services on Wednesday. This included UPI, bank transfers via NEFT and RTGS and IMPS. Coinswitch, a leading cryptocurrency trading platform for India has over 15 millions users.
The Nasdaq-listed crypto exchange Coinbase, which recently launched in India, has disabled crypto purchases “due to an ongoing issue we’re experiencing with the UPI system.” The exchange further clarified: “Note that we don’t support another payment method to buy crypto at this time.”
After the National Payments Corporation of India issued a directive, cryptocurrency exchanges have stopped accepting UPI payments. statementIt is unaware of any crypto exchanges that use the UPI system. After Coinbase launched in India, and its advertisement that UPI could be used to deposit funds for buying cryptocurrencies, the NPCI issued a statement.
Forkast published was told by a person who is familiar with the situation that Coinbase launched with UPI support. “Once the launch of Coinbase happened in India and they announced the usage of UPI as a payment option, NPCI realized it needed to put a clarification out there,” the person said.
Mobikwik, a popular payment platform that provides services for crypto exchanges, stopped offering these services earlier in the month.
The Indian tax of 30% on crypto income was implemented without any loss offsets. This has led to crypto trading volume dropping in India. A 1% tax will be imposed on all crypto transactions starting July 1.
How do Indian exchanges make it difficult for INR depositors to be available? Comment below to let us know your thoughts.
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