CoinSwitch Kuber, WazirX Block Deposits Via UPI System, Stir Alarm
NDTV
Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using a widely-used state-backed transfer system, spurring users to voice concern on social media.
Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using a widely-used state-backed transfer system, spurring users to voice concern on social media.
India has spent years on a law to ban or regulate cryptocurrencies, with its central bank backing a ban over their threat to financial stability, but a recent decision to tax income from them suggests acceptance by authorities.
The decision follows a one-line statement last week by the National Payments Corporation of India saying, it was not aware of any crypto exchange using its United Payments Interface (UPI) framework, which eases bank transfers.
On Wednesday, CoinSwitch's app was not allowing users to load deposits, while rival exchange WazirX said on Twitter, "UPI is not available," adding that it had no estimated time to fix the issue with UPI deposits.
