ArticlesCoinSwitch Kuber temporarily closed Rupee deposit service, What Happened?

CoinSwitch Kuber temporarily closed Rupee deposit service, What Happened?

With this, unified Payments Interface (UPI) on the company's mobile application as well as bank transfer route through NEFT/ RTGS/ IMPS has been stopped.

CoinSwitch Kuber: Now buying and selling of 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 route through NEFT/ RTGS/ IMPS.

There is no announcement yet from CoinSwitch Kuber regarding this development.

Trading volume at 6-month low

According to a report in the Economic Times, trading volumes on crypto exchanges such as WazirX, ZebPay and Giottus dropped to a six-month low on April 10. Uncertainty regarding crypto regulations in the country is being blamed for this.

The impact of tax rules for Crypto is visible

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. 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.

Cryptocurrency Today Big drop in Crypto Market Bitcoin, Ethereum Downside

Coinbase also banned UPI payments

US-based Coinbase had 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 National Payments Corporation of India (NPCI), the company had said that it would allow users to buy cryptocurrencies using UPI. Payments made through UPI come under the purview of NPCI.

Indian government has No plans to introduce Cryptocurrency

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.

Subscribe to our newsletter

To be updated with all the latest breaking news on your email

Covid India Active Cases

India
16,991
Total active cases
Updated on May 19, 2022 9:44 pm

Related Stories

Trending Stories

Punjab Guru Nanak Dev Hospital Major Fire Accident

Amritsar: A fire broke out at the Government Medical College in Amritsar, Punjab this evening. The fire is said to have started from a transformer...

Kannitheevu 2022 Official Trailer Released on YouTube

South Indian actress Varalaxmi Sarathkumar starring Kannitheevu movie offical trailer released on YouTube. The upcoming tamil film Kannitheevu has planned to releasing on this...

Navjot Singh Sidhu sentenced to one year in jail a case 34 years ago

New Delhi: It is said that on December 27, 1988, Navjot Singh Sidhu and his friend Rupinder Singh Chandu parked their gypsy car in the...

WhiteHat Jr 800 Employees resigned Reason Dont Like to Work in Office

After the 'work from home' trend that started during the Covid-19 transition and lockdown, companies are now calling their employees back to the office.However,...

Netflix Zoya Akhtar’s ‘The Archies’ Film Cast announced

The Archies Movie by Zoya Akhtar is scheduled to release on 2023 in Netflix directly. On saturday the crew of the film has released...

Recently Popular

International Kabaddi Player Sandeep Nangal Shot Dead by unknown Persons in Punjab

Chandigarh: The kabaddi competition was held in Malian village in Jalandhar, Punjab. The unknown people's...

Why Today & May Month Stock Market NSE, BSE Going Down What is the Reason?

The national and Mumbai stock exchanges started trading lower this morning due to various factors...

How to Watch Dasvi Movie 2022 Online For Free in Netflix Streaming now

The Dasvi Movie 2022 has released on April 7 in Netflix OTT platformin Hindi version...

Delhi Massive Fire Breaks at Bhalaswa Dum Yard ANI Latest Tweets

ANI Tweeted #WATCH | Delhi: Massive fire breaks out at Bhalaswa dump yard; 10 fire...

TNPSC Group 4 Recruitment 2022 Apply Online for 7,301 Vacancies Exam on July 24 at apply.tnpscexams.in

Tamil Nadu Public Service Commission TNPSC 2022 Recruitment for filling up 7,301 various vacancies of...

Elon Musk plans to appoint new Twitter CEO; Twitter staff in fear

It is estimated that Parag Agarwal will have to pay $ 42 million in compensation...

Recommended Stories

Trending Now