A number of Cryptocurrency exchanges in India deactivated Rupee deposits, especially payments using an integrated payment interface system (UPI). It follows a statement issued by the National Payments Corporation of India (NPCI) regarding the use of the UPI system by Crypto Exchanges.
Indian exchange stops offering the main payment options
The option to deposit Indian rupees on the Cryptocurrency exchange is reduced. The more Cryptocurrency exchanges have disabled INR deposits using an integrated payment interface system (UPI), which is the most widely used retail payment method.
Crypto Exchange Wazirx does not offer UPI support. Stock Tweeted Wednesday, “At present, UPI is not available.” Coindcx also does not support payments by UPI, saying on Twitter Monday, “Upi while not available.”
Coinswitch Kuber goes further and is reported to suspend all INR deposit services Wednesday, including UPI and bank transfers through NEFT, RTGS, and Imp. Coinswitch is the main Cryptocurrency trading platform in India with more than 15 million users.
Crypto Crypto Coinbase registered by Nasdaq, which was recently launched in India, has disabled Crypto purchases “because of the ongoing problems that we experienced with the UPI system.” Exchange further clarified: “Note that we do not support other payment methods to buy Crypto at this time.”
The Cryptocurrency Exchange stopped supporting UPI payments after the National Payments Corporation of India (NPCI) issued a statement that did not know the exchange of Crypto using the UPI system. The NPCI statement follows the coinbase launch in India and advertises that users can easily deposit funds using UPI to buy Cryptocurrency.
Someone who is familiar with this problem to the forkast publication that NPCI is trapped between stones and a difficult place when coinbase is claimed to be launched with UPI support. “After the coinbase launch occurred in India and they announced the use of UPI as a payment option, NPCI realized that it needed to be clarified out there,” said the person.
Earlier this month, the popular Mobikwik payment service also stopped providing services to Crypto Exchanges.
Meanwhile, Crypto’s trading volume has dropped in India after 30% tax on Crypto’s revenue came into force without allowing offset loss or reduction on April 1 on July 1, other damaging taxes, 1% tax reduced in the source (TDS), Will Start Levying on Crypto Transactions.
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