Major Crypto Exchanges in India Block Rupee Deposits: What\'s Happening?
Indian cryptocurrency investors are facing hurdles as CoinSwitch Kuber and WazirX, two major crypto exchanges in India, have stopped rupee deposits for the purchase of cryptocurrencies. This disruption primarily affects deposits made via UPI, a widely used state-backed transfer system.
Why Are Rupee Deposits Being Blocked?
The reasons behind these restrictions appear multifaceted. While an official explanation is still awaited from all parties, speculation points to challenges in banking partnerships and regulatory uncertainty. One report suggests, "New users are not able to deposit rupees on their platform as their banking partner is unable to create new virtual accounts." This banking issue is impacting the functionality of the deposit process.
Impact on Crypto Investors
The blocking of rupee deposits creates significant inconvenience for Indian crypto investors. It limits their ability to easily buy and sell cryptocurrencies on these platforms using their preferred payment method. Alternative deposit options may exist, but they could involve higher fees or slower processing times.
Broader Regulatory Landscape in India
This development comes amidst a broader context of regulatory scrutiny towards the cryptocurrency industry in India. Remember that India blocked major crypto exchanges like Binance, Kucoin, and OKX on January. This action followed the removal of these platforms from the Apple App Store, indicating a stringent regulatory approach.
CoinSwitch Kuber and WazirX: What\'s Next?
CoinSwitch Kuber and WazirX have currently limited their rupee deposits that were used in the extremely popular transfer network for buying digital assets. It remains to be seen how these exchanges will address the situation and whether they will be able to reinstate rupee deposits via UPI in the near future. Monitoring official announcements from the exchanges and regulatory bodies is crucial for staying informed about the evolving situation.
Big crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using a widely-used state-backed transfer system. The industry watches carefully how NEW DELHI - Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency through a widely-used state backed system will affect its future prospects.