Highlights

  • Indian crypto exchanges hit due to payment services
  • CoinSwitch users unable to buy crypto

Latest news

China using factories in USA to spy? $2.6 million land deal near Air Force drone base sparks worry

China using factories in USA to spy? $2.6 million land deal near Air Force drone base sparks worry

Taliban founder Mullah Umar's car dug up after 21 years. See pictures

Taliban founder Mullah Umar's car dug up after 21 years. See pictures

Father-daughter duo fly in the same formation, a first in Indian Air Force history

Father-daughter duo fly in the same formation, a first in Indian Air Force history

SportShala: Top 5 reasons why India lost the Edgbaston Test vs England

SportShala: Top 5 reasons why India lost the Edgbaston Test vs England

India vs England: Fourth innings blues haunt Indian bowlers yet again

India vs England: Fourth innings blues haunt Indian bowlers yet again

Crypto in India: CoinSwitch Kuber disables deposits; users unable to buy cryptocurrencies

The world's largest crypto exchange Coinbase also face hurdles as regulators ask not to use UPI services for crypto dealings.

Cryptocurrency investment in India continues to face hurdles! In the latest crypto exchange platform, CoinSwitch Kuber has stopped all the deposit transactions on its platform.

UPI, which was the only mode of loading the wallet, has been paused by the crypto platform leaving no option for its users to buy cryptocurrencies like Bitcoin, Ethereum, etc.

This has come as a big hit for the crypto app which saw 14 million users in 2021.

Also read/watch | Crypto heist: top 5 blockchain thefts of all time

Crypto exchanges in India have been seeing a lot of issues with the payment options on their platform. Their struggle has become even worse ever since the implementation of the 30% crypto tax which has led to a lot of available payment methods to withdraw their services. Mobikwik which was the only wallet across multiple platforms also withdrew its services starting April 1.

Nasdaq-listed crypto trading platform Coinbase launched its services in India and it also mentioned that customers would be allowed to use UPI for purchases. However, the same day the National Payments Corporation of India (NPCI) which operates UPI said in a statement that it was not aware of any crypto platform using UPI. Following which, Coinbase disabled the UPI option, leaving no option to buy cryptocurrencies on its platform.

Even as there is no clarity on the legal/illegal status of the cryptocurrencies in India, financial institutions have been wary of offering any services to crypto platforms in India even as the Reserve Bank keeps warning against the virtual assets.

Also read/watch | Congress asks Amit Shah: is FBI in India to investigate India's Bitcoin scam

Up Next

Crypto in India: CoinSwitch Kuber disables deposits; users unable to buy cryptocurrencies

Crypto in India: CoinSwitch Kuber disables deposits; users unable to buy cryptocurrencies

Twitter moves Karnataka HC, challenges Centre's takedown orders

Twitter moves Karnataka HC, challenges Centre's takedown orders

₹26,000 crore crypto scam: OneCoin founder had plastic surgery done to evade FBI? | Ruja Ignatova

₹26,000 crore crypto scam: OneCoin founder had plastic surgery done to evade FBI? | Ruja Ignatova

Crackdown on Chinese firms; ED raids 44 locations of Vivo

Crackdown on Chinese firms; ED raids 44 locations of Vivo

SpiceJet: Delhi-Dubai flight lands in Karachi after fuel indicator malfunctions

SpiceJet: Delhi-Dubai flight lands in Karachi after fuel indicator malfunctions

This moving dining table shared by Anand Mahindra is making rounds on internet

This moving dining table shared by Anand Mahindra is making rounds on internet

More videos

Twitter India 'finally' in compliance with govt's new IT rules

Twitter India 'finally' in compliance with govt's new IT rules

Crypto crises in India continues; new TDS rule brings down trading volume

Crypto crises in India continues; new TDS rule brings down trading volume

EV companies under fire, govt sends show cause notice

EV companies under fire, govt sends show cause notice

Dressed as Zomato agent, man sends resume in pastry box. Find out what happened next

Dressed as Zomato agent, man sends resume in pastry box. Find out what happened next

Zurich, world’s 2nd most expensive city: here's the one place that beat it

Zurich, world’s 2nd most expensive city: here's the one place that beat it

Bezos vs Biden: Amazon founder is again taking on the US President

Bezos vs Biden: Amazon founder is again taking on the US President

Special treatment for Tesla not in India's interest: Ola Chief Bhavish Aggarwal

Special treatment for Tesla not in India's interest: Ola Chief Bhavish Aggarwal

British Army's Twitter, YouTube hacked to promote crypto scam

British Army's Twitter, YouTube hacked to promote crypto scam

Musk makes a comeback! This time with the Pope

Musk makes a comeback! This time with the Pope

Over 8000 flights delayed or cancelled, American airports in complete chaos

Over 8000 flights delayed or cancelled, American airports in complete chaos

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.