Crypto deposits disabled in India

Payments system United Payments Interface (UPI) has disabled deposits for two large Indian cryptocurrency exchanges, according to reports by Reuters.

Last week, users hoping to deposit cash via the popular payment system (regulated by India’s central bank) to buy cryptocurrency on the WazirX and CoinSwitch Kuber exchanges were unable to.

The report states users have complained about the ambiguousness of the situation and are uneasy about the lack of clarity surrounding the decision to halt deposits.

CoinSwitch is understood to have stopped the UPI acceptance under the notion of “regulatory uncertainty” with WazirX claiming its UPI deposits had been disabled as long ago as December.

In a statement issued by the National Payments Corporation of India (NPCI), the organization said it was unaware of any crypto exchange using the UPI.

Over the last year, crypto investments have boomed into a universal money-making market, with cryptocurrency especially popular in India; a country with high bitcoin (BTC) popularity despite lacking clarity on its regulatory framework.

After the previous proposal of a ban on cryptocurrency made by the central bank at the start of April this year, a declaration on crypto holdings must be made by companies affiliated with the coin.

According to CoinGecko, recently India’s top three exchanges processed over $139m worth of trades in only 24 hours.

In recent news, Coinbase sees the potential in India as it introduced its UPI payments options to facilitate crypto traders in the country, only to have to quit the country almost immediately due to the uncertainty around UPI payments.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2B journalism. Alongside crypto, Isabella writes about relationships and psychology. Isabella holds a first-class degree in music journalism and likes to interview electronic artists and DJs.

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