Published: 14.04.2022
Article reading time:
1 min.
Indian cryptocurrency exchanges CoinSwitch Kuber and WazirX have stopped accepting deposits in rupees through the national payment system Union Payments Interface (UPI).
According to Reuters, this decision is connected with the statement of the operator UPI – the company National Payments Corporation of India. The corporation stated that it “does not know about the use of the payment system by any cryptocurrency exchange.” According to a Reuters source, the decision to suspend deposits was made due to the “regulatory uncertainty” of such payments.
Currently, the CoinSwitch exchange, which has over 15 million users in India, has only disabled deposits. Users can still withdraw funds in rupees via UPI. The WazirX exchange has completely disabled the UPI payment system, and the timing of the shutdown is not yet known.
“Clearness and transparency in regulation is extremely important at the moment. There are now a lot of conflicting signals about the regulation of cryptocurrencies in India, which leads to a lack of certainty,” said Abhishek Malhotra, one of the founders of the law firm TMT Law Practice.
Recall that at the beginning of the month, the American crypto exchange Coinbase launched a division in India, but after a few days the platform stopped serving users. She also used UPI.
Source: Bits
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