Indian Crypto Exchanges Disable UPI, Other Payment Options – Regulation Bitcoin News

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Indian Investors Alarmed as Crypto Exchanges Disable UPI, Other Payment Options
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Some cryptocurrency exchanges in India are disabling rupee deposits, especially payments using the Unified Payments Interface (UPI) system. Previously, the National Payments Corporation of India (NPCI) issued a statement regarding the use of the UPI system by crypto exchanges.

Indian exchanges stop offering major payment methods

The options for depositing Indian rupees on cryptocurrency exchanges are dwindling. A growing number of cryptocurrency exchanges are disabling INR deposits using the Unified Payments Interface (UPI) system, the most widely used retail payment method.

Cryptocurrency exchange Wazirx does not offer UPI support. “Currently, UPI is unavailable,” the exchange tweeted on Wednesday. Coindcx also doesn’t support UPI payments, tweeting Monday that “UPI is temporarily unavailable.”

Coinswitch Kuber went further, reportedly suspending all INR deposit services on Wednesday, including UPI and bank transfers via NEFT, RTGS and IMPS. Coinswitch is India’s leading cryptocurrency exchange with over 15 million users.

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Coinbase, a Nasdaq-listed cryptocurrency exchange that recently launched in India, has disabled cryptocurrency purchases “due to ongoing issues we are experiencing with the UPI system.” The exchange further clarified: “Please note that we do not currently support another payment method to purchase cryptocurrencies.”

Cryptocurrency exchanges stopped supporting UPI payments after the National Payments Corporation of India (NPCI) issued a statement saying it was not aware of cryptocurrency exchanges using the UPI system. The NPCI announcement comes after Coinbase launched in India and advertised that users can easily deposit funds to buy cryptocurrencies using UPI.

A source familiar with the matter told the Forkast publication that NPCI was in trouble when Coinbase claimed to be launching with UPI backing. “Once Coinbase launched in India and they announced the use of UPI as a payment option, NPCI realized it needed to be clarified,” the person said.

Earlier this month, popular payment service Mobikwik also stopped serving cryptocurrency exchanges.

Meanwhile, crypto trading volumes in India have been plummeting following the April 1 imposition of a 30% tax on crypto earnings without allowing losses to be offset or deducted. On July 1, another disruptive tax, the 1% Tax Deduction at Source (TDS), will begin taxing crypto transactions.

tags in this story

Coinbase, Coindcx, coinswitch kuber, crypto payment options, india, indian cryptocurrency exchange, indian cryptocurrency exchange, inr deposits on exchanges, inr deposits, rupee deposits, upi inr deposits, upi mobikwik, Wazirx

What do you think about Indian exchanges banning INR deposit option? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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