CoinSwitch Kuber, the popular cryptocurrency trading platform, has completely halted rupee deposits on its platform. At the moment, users have no option to add funds on the platform.
The company has stopped rupee deposits through the unified payment interface (UPI), the National Electronic Fund Transfer (NEFT), Real time gross settlement (RTGS) & immediate payment service (IMPS).
This comes shortly after Coinbase disabled UPI payments on its platform. The company entered the Indian market on April 7 and announced during the launch that it will accept payments through UPI. The company came under the scanner of the National Payments Corporation of India. (NPCI), which oversees the operation of UPI.
“Referring to some recent media reports of buying cryptocurrencies using UPI, the National Payments Corporation of India would like to clarify that we are not aware of any cryptocurrency exchanges using UPI,” NPCI said in its statement.
This could be the final nail in the coffin for crypto exchanges in India, which have reported a sharp drop in trading volume due-to uncertainty over crypto regulations in the country.
According to the previous report, WazirX reported a 65-90% drop in its business after MobiKwik disabled its services on the platform. Another reason for the volume drop is the Finance bill, which will tax cryptocurrency gains at 30% came in-to effect from April 1.