CoinSwitch Kuber re-enables rupee deposits after two-week freeze | Mint
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Business News/ Markets / Cryptocurrency/  CoinSwitch Kuber re-enables rupee deposits after two-week freeze
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CoinSwitch Kuber re-enables rupee deposits after two-week freeze

CoinSwitch Kuber’s app showed that it was accepting rupee deposits through NEFT, RTGS and IMPS for as low as ₹100

The move has come as a relief for investors who were struggling to deposit money on CoinSwitch Kuber, which is India’s biggest crypto exchange with over 15 million users.Premium
The move has come as a relief for investors who were struggling to deposit money on CoinSwitch Kuber, which is India’s biggest crypto exchange with over 15 million users.

Crypto exchange CoinSwitch Kuber has reintroduced rupee deposits via the bank transfer route on its platform nearly two weeks after the option was suspended due to regulatory uncertainties.

While there was no official statement, CoinSwitch Kuber’s app showed that it was accepting rupee deposits through NEFT, RTGS and IMPS for as low as 100.

The move has come as a relief for investors who were struggling to deposit money on CoinSwitch Kuber, which is India’s biggest crypto exchange with over 15 million users.

However, the widely-used Unified Payments Interface (UPI) network remained disabled on CoinSwitch Kuber as well as other crypto platforms.

Earlier this month, crypto exchanges had stopped allowing deposits via UPI after the National Payments Corporation of India (NPCI) said that it was not aware of any digital asset platform using the service. Subsequently, MobiKwik, whose services were used by major crypto exchanges, withdrew support to the exchanges.

The suspension had come as a major jolt for crypto investors in India as UPI has been one of the most preferred routes for deposits on crypto exchanges.

Meanwhile, another crypto exchange, CoinDCX, has reduced the minimum rupee deposit via bank transfers to 750 from 3,000 earlier. 

CoinDCX told users on Twitter, “…our team is actively working with the payment partner to reduce the minimum deposit amount. We will keep you posted via an announcement for the same."

According to industry experts, while crypto exchanges are engaging with the banks, there is uncertainty regarding providing banking services to the crypto industry.

Meanwhile, finance minister Nirmala Sitharaman on Wednesday said that India will take a considerate decision on regulation around virtual digital assets.

During an interaction at Stanford University, she said, “It will take its time for all of us to be sure…within the given available information, we are taking a discerned decision… and it can’t be rushed through."

A bill to regulate cryptocurrencies in India was slated to be introduced in the parliament in the just-concluded session. However, according to media reports, but is still not ready. 

Despite the Reserve Bank of India time and again highlighting economic, financial, operational, and legal risks, crypto investors have surged manifold in the country.

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Published: 28 Apr 2022, 08:26 PM IST
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