CoinSwitch Kuber And WazirX Block Transfer Network

Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of the cryptocurrency through a widely used state-backed transfer network, spurring users to renew demands for regulatory clarity. 

India has been working on a law to ban or regulate cryptocurrencies, along with a ban backed by the central bank over risks to financial stability, through a recent decision to tax income from them suggests acceptance by authorities. 

The move is followed by a statement last week by the National Payments Corporation of India, operator of the state-backed United Payments Interface (UPI) that it was unaware of its use by any crypto exchange. 

Sources with direct knowledge of the matter said that the decision by CoinSwitch to pause UPI acceptance resulted from regulatory uncertainty after the NPCI statement. WazilX also told users on Twitter that UPI is not available and it has no estimated time limit to fix the issue. 

Users have also expressed concern, when the company said that it was disabling rupee deposits through the payments app MobiKwik, until further notice. CoinSwitch has raised more than $260 million, for a valuation of $1.9 billion, understanding the rise in popularity of crypto trading.