December 6, 2022

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Panic in India as deposits were stopped in two popular transactions

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Panic in India as deposits were stopped in two popular transactions
Panic in India as deposits were stopped in two popular transactions

They made it clear that the withdrawal of funds would not be suspended and would proceed as usual.

WazirX and CoinSwitch Kuber announced two major exchanges in India this week Depositing rupee through UPI has stoppedThis includes the popular payment interface they use for this purpose Caused concern In a country that does not yet exist Regulatory security Despite the great popularity of bitcoin.

UPI is the most widely used real-time payment system in India, regulated by the Central Bank.

In response to the users concerned, both exchanges made it clear that withdrawals through the UPI interface were not suspended and that it was operating as usual. Coinswitch Kuber mentioned in a tweet “UPI repositories are currently disabled for all users, however we are trying to restore it as soon as possible. Please be patient. “

Although the recent decision to tax cryptocurrency revenues may indicate official approval, India has been developing legislation to regulate cryptocurrencies for years, with the support of the central bank due to concerns about the risks to financial stability.

For its part, the operator of the state-backed UPI organization said I do not know its use in any exchange.

Continue reading:

India confirms introduction of new tax on its CBDC and crypto trades
Half of the crypto property owners will make their first crypto trade in 2021
Increases awareness and cross-border use of cryptocurrencies in key markets

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