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.
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.
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.