Two Major Indian Exchanges Disabled Deposits via UPI

Two major Indian cryptocurrency exchanges CoinSwitch Kuber and WazirX have disabled Rupee deposits through the UPI payment system.

On April 7, Product Director Surojit Chatterjee announced the launch of the American exchange Coinbase into the Indian market and mentioned the use of UPI as the best tool for buying digital assets on the platform.

The real-time mobile payment system developed by the National Payments Corporation of India (NPCI) to facilitate interbank transactions, which is regulated by the Reserve Bank of India, said on the same day that it was “not aware of any cryptocurrency exchange using UPI.”

According to Reuters, crypto exchange CoinSwitch decided to close the UPI deposits option due to regulatory concerns following the NPCI announcement. Users can still withdraw funds.

WazirX also informed customers that UPI is temporarily unavailable. However, the exchange turned off deposits through the payment network back in December. And on April 1, the company announced that it would close this feature “for an indefinite period” through the popular mobile app MobiKwik.

On this day, a 30% tax on income from operations with cryptocurrencies came into force in India.

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