CoinSwitch disables all crypto purchase options on app, suspends rupee deposits
CoinSwitch has yet to reply to inquiries or make an official comment. Several consumers have sought the company's answer on Twitter, inquiring as to what the problem was, but there has been no resolution.
FollowAs the government works to regulate cryptocurrencies and virtual digital assets, CoinSwitch Kuber, a crypto exchange platform, has temporarily halted all ways of payment for purchasing digital coins, including bank transfers, on its site. As of Tuesday morning, users in India were unable to make Indian rupee, or INR, deposits on its app. This has also been blocked for all types of transfer, including UPI and bank transfers via NEFT, RTGS, IMPS, and so on.
On CoinSwitch's app, too, deposits in Indian Rupees (INR) via UPI, as well as other methods like as bank transfer, have been halted, therefore leaving no way to fill the app's wallet to buy cryptocurrency. This will have a substantial influence on the platform's trading volumes, which will have more than 14 million users by 2021.
CoinSwitch Kuber's stunning decision has basically rendered the site inoperable, leaving customers with no way to fill their crypto wallets in order to purchase cryptocurrencies. This has had a tremendous impact on the millions of CoinSwitch platform users, affecting the platform's trading volumes.
CoinSwitch has yet to reply to inquiries or make an official comment. Several consumers have sought the company's answer on Twitter, inquiring as to what the problem was, but there has been no resolution.
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Cryptocurrency exchanges in India have been impacted since April 1, when the government announced a 30% tax on earnings from cryptocurrencies and other virtual digital assets. This was part of the government's effort to manage unregulated currencies in India to avoid fraud, after the Reserve Bank of India's warning about the country's macroeconomic effect.
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