Most major Indian crypto currency platforms are having issues with fund deposits, specifically through the Unified Payments Interface (UPI). In addition to the new taxation worries and existing regulatory uncertainty, the inability of users to conveniently deposit rupees has significantly hurt crypto trading and investment in the country. According to the Economic Times, trading volumes on crypto exchanges like WazirX, ZebPay and Giottus hit a six-month low on April 10. Status of fund deposits on major platforms As of April 13 afternoon, here's the availability for INR deposit services on three of the largest platforms: WazirX: Available: Limited Net Banking – Support for 12 banks, none of the largest banks like SBI, HDFC, Axis, and Kotak Mahindra WazirX P2P – Users can buy USDT from those wishing to sell by directly transferring rupees to the bank account of the USDT holder. Then, USDT can be used to buy other cryptocurrencies on WazirX. Not available: Net Banking (most banks) Mobikwik wallet UPI CoinDCX: Available: Limited Net Banking – Support for 14 banks, none of the largest banks like SBI, HDFC, Axis, and Kotak Mahindra Bank transfer through NEFT/RTGS and UPI by way of sharing the transaction ID Not available: Net Banking (most banks) Mobikwik wallet UPI CoinSwitch Kuber: Available: None Not available: All forms of INR deposit services have been disabled including UPI, Mobikwik, NEFT/RTGS/IMPS, and Netbanking. Events that led to platforms disabling UPI access 1. NPCI's one-line statement: Most of the platforms disabled the UPI deposit options after the National Payments Corporation of India…
Major crypto exchanges are unable to use UPI for fund deposits, leading to significant drop in trade volumes
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