Indian crypto trading platform Coinswitch Kuber has temporarily deactivated all rupee deposits on its application given regulatory concerns.
Mobile app users of CoinSwitch have been barred from conducting transactions through NEFT, RTGS, IMPS etc. and rupee deposits through UPI has also been halted, leaving no options to load the app’s wallet to buy cryptocurrency.
Crypto exchanges in India have been facing the ire ever since the government announced that it will levy 30% taxation on gains from cryptocurrencies which was implemented on April 1.
US-based crypto exchange Coinbase disabled UPI payment method on its app just after three days of its launch in India on April 7. The move came in apropos the Unified Payments Interface (UPI) implementing agency National Payments Corporation of India (NPCI) said it was not aware of any crypto exchanges using the UPI and dissociated it with crypto exchanges through a statement.
“With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI,” the statement stated.
With Mobikwik, the only wallet across multiple platforms having withdrawn its services starting April 1, payment modes on exchanges have become even minimal since then.
According to reports, crypto trading volumes on major exchanges like WazirX, ZebPay and Giottus have greatly plummeted given the uncertainty over crypto regulations in the country.