CoinSwitch Kuber, the popular crypto trading platform has completely halted rupee deposits on its platform. At the moment, users have no way of adding money on the platform.
The company has stopped accepting rupee deposits via Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS).
This comes soon after Coinbase disabled UPI payments on its platform. The company had entered the Indian market on April 7 and during the launch, it had announced that it will accept payments through UPI. The company came under the scanner of National Payments Corporation of India (NPCI), which oversees UPI operations.
The NPCI had issued a statement on the same day, clarifying that it was not aware of any crypto exchanges using UPI.
“With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI,” NPCI said in its statement.
This could be the final nail in the coffin for crypto exchanges in India that have reported a sharp decline in trading volume due to uncertainty around crypto regulations in the country.
According to the above report, WazirX has reported a decline of 65-90% of its business after MobiKwik disabled its services on the platform. Another reason for the declining volume is the finance bill that taxes cryptocurrency gains at 30% came into effect from April 1.