CoinSwitch Kuber, a cryptocurrency exchange, has stopped all payment methods, including bank transfers, for making crypto purchases on its platform.
Deposits via UPI and other methods, including bank transfers, have been halted on CoinSwitch’s app, leaving no way to load the app’s wallet with cryptocurrency. Over 14 million people used the site in 2021, and this will have a substantial impact on trading volumes.
Users can no longer add funds to their crypto wallets to make purchases with CoinSwitch Kuber’s startling action, which has basically rendered the platform non-functional. These changes will have an effect on the volume of trades conducted on the CoinSwitch platform as a whole.
Despite the fact that the National Payments Corporation of India (NCPI) has stated that it does not recognize crypto trades via UPI, the corporation has only recently allowed UPI payment.
No response from CoinSwitch
Requests for comment and an official statement have yet to be answered by CoinSwitch. Several Twitter users have inquired about the company’s response, but there is still no explanation of what the problem is.
30% Tax on Crypto Earnings
A 30% tax on earnings from cryptocurrencies and other virtual digital assets was announced by the Indian government on April 1, which has had an impact on cryptocurrency exchanges in the country.
The Reserve Bank of India had warned of the potential impact on the Indian macroeconomy if uncontrolled currencies were not under government control. Therefore, this was part of the government’s strategy to do just that.