Indian Crypto Exchanges Disable UPI, Other Payment Options
There are less options to deposit Indian rupees on cryptocurrency exchanges. A growing number cryptocurrency exchanges have made it impossible to deposit Indian rupees using the Unified Payments Interface system (UPI), which is the most popular retail payment method.
Wazirx, a crypto exchange, does not offer UPI support. The exchange tweeted Wednesday that UPI support was not currently available. Coindcx also stated that UPI payments are not supported by Coindcx, and Monday’s tweet said, “UPI is temporarily unavailable.”
Coinswitch Kuber took it a step further by reportedly suspending all INR deposit service Wednesday, including UPI, bank transfers via NEFT and RTGS and IMPS. Coinswitch, a leading cryptocurrency trading platform in India, has over 15 million users.
Recently launched in India by the Nasdaq-listed cryptocurrency exchange coinbase, crypto purchases were temporarily disabled ‘due an ongoing issue with UPI’. Further clarification was provided by the exchange: “Note that we do not support any other payment method to purchase crypto at this point.”
After the National Payments Corporation of India issued a statement it was not aware of any crypto-exchanges that use the UPI system, cryptocurrency exchanges have stopped accepting UPI payments. Following Coinbase’s launch in India, the NPCI issued a statement stating that UPI could be used to deposit funds and allow users to purchase cryptocurrencies using UPI.
Forkast publication was told by a person familiar with the matter that Coinbase’s claim to have UPI support meant that the NPCI was in a difficult spot. The person stated that NPCI needed to clarify its position after Coinbase’s launch in India.
Popular payment service Mobikwik stopped offering services to crypto exchanges earlier this month.
The Indian 30% tax on crypto income was implemented without any loss offsets or deductions. Crypto trading volumes have plummeted in India. A 1% tax will be imposed on crypto transactions starting July 1.