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Cryptocurrency-exchanges-in-india-disable-UPI-system (1)

Multiple cryptocurrency exchanges in India are shutting down rupee deposits mainly payments through the Unified Payments Interface (UPI) system which is the most widely used retail payment method.

 

This took place after a statement issued recently by the National Payments Commission of India (NPCI) regarding the usage of the UPI payments system in crypto exchanges. A set of rules that came into effect on April 1 also contributed to this move, in addition to the government's hostile policies on cryptocurrency capital gains.

 

The list of crypto exchanges including CoinDCX, and CoinSwtich Kuber has also joined to completely shut down all purchase options for Indian users. CoinDCX to top up in-app wallet using UPI and even IMPS took steps to disable. In CoinDCX bank transfer into the wallet, the option can be seen through which payment can be made. Also, UPI as a payment option has been shut down for the WazirX platform. The three crypto exchanges use Mobikwik as their UPI partner. Nasdaq listed crypto exchange Coinbase, which was recently launched in India, has also disabled crypto purchases due to an ongoing issue regarding the UPI system.

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Uploaded on April 24, 2022