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Regulatory Concerns Lead CoinSwitch Kuber To Suspend All Crypto Payment Modes for Indian Users

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Regulatory Concerns Lead CoinSwitch Kuber To Suspend All Crypto Payment Modes for Indian Users

Due to the repercussion of the Indian government beginning to incorporate hostile policies on cryptocurrency, multiple crypto exchange platforms, including CoinSwitch Kuber, have discontinued crypto payment modes for Indian users.  https://twitter.com/gokhshteinmedia/status/1513859902959149059

History of Crypto Exchanges Halting Services in India

Since April 1, Indian cryptocurrency exchanges have been targeted by the Indian government. Exchange platforms have been imposed with a levy of 30 percent taxation on profit from virtual digital assets, including cryptocurrencies.  As of April 10, crypto exchanges such as WazirX, ZebPay, and Giottus have hit a six-month low due to the uncertainties that have surrounded the cryptocurrency field in India.  Within three days of Coinbase launching its trading services in India, the US-based crypto exchange announced the halting of UPI payments. After being targeted by the National Payments Corporations of India (NPCI) that oversees UPI, NPCI stated that they are not aware of any crypto exchange in the nation that uses UPI. 

CoinSwitch Kuber Temporarily Halts Services for Indian Users

In addition to discontinuing cryptocurrency payment, CoinSwitch has also prevented Indian users from depositing INR (Indian Rupee, buying cryptocurrencies, or processing a bank transfer. All modes of a bank transfer including UPI, NEFT, RTGS, and IMPS have been disabled.  The sudden move by CoinSwitch Kuber has shocked millions of Indian users.


Source: ethereum.today

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