NEW DELHI, April 13 — Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency through a widely-used state-backed transfer network, spurring users to renew demands for regulatory clarity.
CoinSwitch was not allowing users to load deposits on its app, although they could still withdraw funds. Rival exchange WazirX also told users on Twitter, “UPI is not available,” adding that it had no estimated time limit to fix the issue. In February, India decided to tax income from cryptocurrencies and other digital assets at 30 per cent, signalling that authorities accepted digital currencies, but uncertainty over regulation has weighed on the industry.
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