NEW DELHI : Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using a widely-used state-backed transfer system, spurring users to voice concern on social media.
The decision follows a one-line statement last week by the National Payments Corporation of India saying, it was not aware of any crypto exchange using its United Payments Interface framework, which eases bank transfers. "You have closed the INR deposit without any information. At least let us know how long it will be closed," a Twitter user, Avijit Debnath, asked CoinSwitch on the social media platform.
India decided in February to tax income from cryptocurrencies and other digital assets at 30per cent, signalling that authorities accepted digital currencies, but uncertainty over regulation has weighed on the industry.