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CoinSwitch disables entirely crypto investment options on the app

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CoinSwitch disables entirely crypto investment options on the app including bank transfers.

Indian Rupee (INR) deposits through UPI and other modes, including bank transfers, have been paused.

Cryptocurrency exchange CoinSwitch Kuber has disabled entire modes of payments for purchasing crypto purchases on its platform, including bank transfers.

This comes two days after Coinbase had to disable the Unified Payments Interface (UPI), the only crypto purchase option on its platform.

On CoinSwitch’s app, Indian Rupee (INR) deposits through UPI and other modes, including bank transfers, have been paused, effectively leaving no mode to load the app’s wallet to buy cryptocurrency.

This will significantly affect the platform’s trading volumes, which saw over 14 million users in 2021.

Moneycontrol reached out to CoinSwitch with queries, and the company’s response is awaited.

Crypto exchanges in India have been in the eye of the storm ever since the government announced its decision to impose a 30 percent taxation on gains from cryptocurrencies which was implemented on April 1.

CoinSwitch disables entirely crypto investment options on the app

CoinSwitch disables entirely crypto investment options on the app

Payment method options on exchanges have been reducing since then, with Mobikwik, the only wallet across multiple platforms, also having withdrawn its services starting April 1.

This was followed by Coinbase launching crypto trading services in India which it announced in a mega event where it said that customers would be allowed to use UPI for purchases.

However, the same day the National Payments Corporation of India (NPCI), which operates UPI, said that it is not aware of any crypto platform using UPI.

Coinbase disabled the UPI option soon after, leaving no option to buy cryptocurrencies on its platform.

The NASDAQ-listed company’s investment arm, Coinbase Ventures, has invested in CoinSwitch and CoinDCX, the only two unicorn crypto exchanges in India.

Trading volumes in India have also plunged since April 1, which led to the apprehension due to the taxation and Mobikwik’s withdrawal of its wallet.

Moneycontrol reported on April 11 that volumes fell by over 50 percent in the previous week, according to data shared by research firm CREBACO.

Moneycontrol had earlier reported that transaction volumes plunged 55 percent.

In comparison, domain traffic dropped 40 percent on India’s top cryptocurrency exchanges in the first two days after the crypto tax.

This is expected to slide further after the 1 percent TDS (tax deduction at source) affects all crypto transactions starting July 1.



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