More Indian cryptocurrency exchanges are disabling payment options, particularly payments using the Unified Payments Interface (UPI). crypto bitcoin
A number of cryptocurrency exchanges in India are disabling rupee deposits, particularly payments using the Unified Payments Interface system. This followed a statement issued by the National Payments Corporation of India regarding the usage of the UPI system by crypto exchanges.Options to deposit Indian rupees at cryptocurrency exchanges are dwindling.
Crypto exchange Wazirx is not offering UPI support. 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.”all INR deposit services Wednesday, including UPI and bank transfers via NEFT, RTGS, and IMPS. Coinswitch is a major cryptocurrency trading platform in India with over 15 million users.
Cryptocurrency exchanges stopped supporting UPI payments after the National Payments Corporation of India issued athat it is not aware of crypto exchanges using the UPI system. The NPCI statement followed Coinbase launching in India and advertising that users could easily deposit funds using UPI to buy cryptocurrencies.
A person familiar with the matter told Forkast publication that the NPCI was caught between a rock and a hard place when Coinbase claimed to launch 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.also stopped providing services to crypto exchanges.
Meanwhile, crypto trading volumes have been plummeting in India after the 30% tax on crypto income went into effect without allowing loss offsets or deductions on April 1. On July 1, another damaging tax, a 1%
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