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Crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using widely-used UPI, spurring their users to voice concern on social media platforms.

This comes after last week, the National Payments Corporation of India (NPCI) issued a statement saying that it was not aware of any crypto exchange using its United Payments Interface (UPI) framework, which eases bank transfers.

According to the NPCI statement "With reference to some recent media reports around the purchase of cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI."

CoinSwitch Kuber's app has not been allowing users to load deposits, while rival exchange WazirX said on Twitter, "UPI is not available," adding that it had no estimated time to fix the issue with UPI deposits.

"You have closed the INR deposit without any information. At least let us know how long it will be closed," a Twitter user, Avijit Debnath, asked CoinSwitch on the social media platform.

The Indian government took a step closer to removing uncertainties about the legal status of crypto transactions as it revealed plans to tax the income from the transfer of virtual assets at 30%, as announced by Finance Minister Nirmala Sitharaman in her Budget 2022 speech.

During the budget session, FM Sitharaman clarified that taxing the virtual assets does not mean that the government is legalising it. “Not doing anything to legalise or ban it at this stage," Sitharaman replied to Budget debate in Rajya Sabha on decision to levy 30% tax on gains from the virtual assets.

India has had a hot-and-cold relationship with digital currencies in the past few years. In 2018, it effectively banned crypto transactions, but the Supreme Court struck down the restriction in March 2020.

 

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