CoinSwitch Kuber Disables INR Deposits: Now buying and selling Cryptocurrency in India seems to be very difficult. Crypto aggregator Coinswitch Kuber on Tuesday morning temporarily disabled all its rupee-linked deposit services on its application.
This has led to the closure of rupee deposits through Unified Payments Interface (UPI) on the company's mobile application as well as bank transfer routes through NEFT/ RTGS/ IMPS.
There is no comment yet from CoinSwitch Kuber regarding this development.
According to a report, trading volumes on crypto exchanges such as WazirX, ZebPay and Jiotus dropped to a six-month low on April 10. Uncertainty regarding crypto regulations in the country is being blamed for this.
The crypto aggregator's business has declined by an estimated 65-90 per cent after e-wallet MobiKwik shut down its services on WazirX's platform in the past few days.
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At the same time, the trading volume of crypto platforms has been decreasing continuously after the tax rules for crypto from April 1 under the Finance Bill.
US-based Coinbase banned UPI payments just three days after the launch of its trading services in India.
The world's largest exchange had announced the commencement of operations in India on 7 April through a grand event in Bengaluru.
After coming under the radar of the National Payments Corporation of India (NPCI), the company said that it would allow users to buy cryptocurrencies using UPI.
Payments made through UPI come under the purview of NPCI.
Industry sources said that NPCI had issued a statement saying, "It is not aware that any crypto exchange is using UPI." Coinbase has since approached NPCI.