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<ul><li>CoinSwitch Kuber has halted rupee deposit services on its platform. </li><li>The company has stopped accepting deposits from <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>, NEFT, RTGS and IMPS. </li><li>This comes after the NPCI had issued a statement saying it was not aware of any <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> platform using UPI. </li></ul>CoinSwitch Kuber, the popular crypto trading platform has completely halted rupee deposits on its platform. At the moment, users have no way of adding money on the platform. The company has stopped accepting rupee deposits via Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). This comes soon after Coinbase <a href="https://economictimes.indiatimes.com/tech/technology/coinbase-temporarily-stops-upi-after-npci-clarification/articleshow/90759225.cms">disabled</a> UPI payments on its platform. The company had entered the Indian market on April 7 and during the launch, it had announced that it will accept payments through UPI. The company came under the scanner of National Payments Corporation of India (NPCI), which oversees UPI operations. The NPCI had issued a <a href="https://www.npci.org.in/PDF/npci/press-releases/2022/Statement-by-NPCI-on-7th-April-2022.pdf">statement</a> on the same day, clarifying that it was not aware of any crypto exchanges using UPI. “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,” NPCI said in its statement. This could be the final nail in the coffin for crypto exchanges in India that have reported a <a href="https://economictimes.indiatimes.com/tech/technology/trading-volumes-on-top-crypto-exchanges-touch-6-month-low/articleshow/90784815.cms">sharp decline</a> in trading volume due to uncertainty around crypto regulations in the country. According to the above report, WazirX has reported a decline of 65-90% of its business after MobiKwik disabled its services on the platform. Another reason for the declining volume is the finance bill that <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms">taxes</a> cryptocurrency gains at 30% came into effect from April 1. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-could-drop-to-30000-by-june-led-by-a-new-slump-in-tech-stocks-the-founder-of-bitmex-crypto-exchange/articleshow/90784147.cms">Bitcoin could drop to $30,000 by June, led by a new slump in tech stocks, says the founder of BitMEX crypto exchange</a> <a href="https://www.businessinsider.in/cryptocurrency/news/germany-seizes-25-million-in-bitcoin-by-shutting-down-illegal-darknet-marketplace-hydra-market/articleshow/90680024.cms">Germany seizes $25 million in bitcoin by shutting down illegal darknet marketplace 'Hydra Market'</a> <a href="https://www.businessinsider.in/cryptocurrency/news/best-performing-cryptocurrencies-in-2022/articleshow/90679104.cms">Best performing cryptocurrencies in 2022 so far</a>

After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits

<ul><li>According to media reports, an unofficial guidance from the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has put banks and lenders on the edge.</li><li>There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them.</li><li>Industry executives have said that they are working to get more bank partners onboard.</li></ul><keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">exchanges</a> in India have been blocking deposits in Indian rupee for just about a week now. Two of the top exchanges — WazirX and Coinswitch Kuber — informed users that the last payment methods they had, PayTM, would also be shut down from May 20th onwards. Of course, these two aren’t the only ones who have been having troubles taking deposits from Indian users, platforms like Zebpay and Unocoin have also had to block all rupee deposits over the past few days. Why are rupee deposits not working? According to media reports, an unofficial guidance from the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has put banks and lenders on the edge. The informal communication from the RBI affected the already rocky relationship <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto companies</a> and exchanges had with banks in India, and many banks started shutting down their bank accounts. “If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after 11:59 p.m IST, it will revert to your source bank account within 7-10 business days,” WazirX said in an official communication to users on May 20. When you make a deposit to any exchange, the money goes from your bank to a payment processor (also called a payment gateway), which then sends it to the <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword>’s bank account. In the current situation, you are free to make a transaction through UPI etc, but there are no accounts to receive that money on the other end. As a result, the transaction fails for all intents and purposes, and it takes days and even weeks to reverse the trail of cash back to your account. Can banks do this without an official directive? It’s just like a restaurant can reserve the rights of admission for its guests, banks can choose not to do business with any entity. This is why banks can stop doing business with crypto companies despite the Supreme Court striking down the RBI’s official directive in March last year. The RBI guidelines have simply put them on the edge, and they’re choosing not to lend money, fearing what future regulations might lead to. There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them. While India’s crypto industry has done well over the past year, it’s unlikely that crypto companies will want to take on expensive lawsuits right now. Industry executives <a href="https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html">have said</a> that they are working to get more bank partners onboard. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-enthusiasts-now-hate-elon-musk-launch-a-new-cryptocurrency-called-stopelon/articleshow/82829354.cms">Crypto enthusiasts now hate Elon Musk; launch a new cryptocurrency called StopElon</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/a-massive-crash-in-cryptocurrency-prices-wiped-out-1-trillion-of-wealth-reports-suggest/articleshow/82829155.cms">Crypto roundup, 21 May 2021: Elon Musk effect, crypto crash, Bitcoin prices, $1 trillion wiped out and more</a>

Users not able to deposit money on Indian crypto exchanges right now, as banks get cold feet

<ul><li><keyword id="1972612" type="General" weightage="100" keywordseo="coinbase" source="Orion">Coinbase</keyword> started offering trading operations in India on April 7 but withdrew the same by April 10.</li><li>Armstrong also said that Coinbase plans to work with the government to relaunch here.</li><li>Coinbase has invested in Indian <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> exchanges, CoinDCX and CoinSwitch Kuber.</li></ul>Coinbase, which ventured into and subsequently shut down trading services in India last month, has blamed the country’s central bank and government for the closure. In an earnings call on May 10, the company’s chief executive officer (CEO) <keyword id="4875827" type="General" weightage="20" keywordseo="brian-armstrong" source="Orion">Brian Armstrong</keyword> said that the country’s authorities are applying “soft pressure” in order to discourage crypto trading within its borders. The US-based publicly listed crypto exchange had started operations in India, amid much fanfare, on April 7. The company allowed users to deposit money on its platform using the country’s unified payments interface (UPI) platform — a system that was built and is maintained by the National Payments Corporation of India (<keyword id="193629" type="General" weightage="20" keywordseo="npci" source="Orion">NPCI</keyword>). However, a mere few hours after Coinbase’s launch, the NPCI issued a statement saying it “wasn’t aware” of any crypto exchange using UPI to buy cryptocurrencies. Which led Coinbase and other crypto exchanges in the country to halt the feature in the country. <div type="ExtQuote" text="India is a unique market, in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at (the) Reserve Bank of India (RBI), who don't seem to be as positive on it. And so they — in the press, it's been called a ‘shadow ban,’ basically, they're applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI" auname="Brian Armstrong, Coinbase CEO told analysts in earnings call on May 10"></div> <cmsannotation type="cmsannotation" annotationid="The road ahead" comment="subhead" text="The road ahead">The road ahead</cmsannotation> That said, Armstrong also added that the company would prefer to work with the government and “focus on relaunching”. He said that there’s a lot of interest in cryptocurrencies among users in India. “I think there's a number of paths that we have to relaunch with other payment methods there. And that's the default path going forward. So my hope is that we will be back in India in relatively short order, along with a number of other countries, where we're pursuing international expansion similarly,” he said. <cmsannotation type="cmsannotation" annotationid="Crypto &amp; RBI’s concerns" comment="subhead" text="Crypto &amp; RBI’s concerns">Crypto &amp; <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s concerns</cmsannotation> Armstrong, however, also said that the rulings by government bodies may be in violation of the Supreme Court ruling issued in 2020. At the time, the country’s highest court struck down a ban by the RBI, calling it illegal and unconstitutional. To be sure, the SC never said that the government can’t ban cryptocurrencies. It <a href="https://bfsi.economictimes.indiatimes.com/news/policy/sc-strikes-of-rbis-crypto-ban-calls-it-unconstitutional/74470345">said</a> that the RBI ban is “disproportionate and unreasonable”. “I guess just to zoom out for a minute, one of our theories here, and my theory is that action produces information. So it's not always clear as we go to these countries all over the world, everybody is in varying states of kind of education or lack thereof about crypto. And there's a lot of work to go meet with policymakers around the world and kind of teach them about what the AML (anti-money laundering) capabilities are and what are the positive benefits,” Armstrong said. Coinbase has invested in Indian crypto exchanges CoinSwitch Kuber and CoinDCX and <a href="https://www.techcircle.in/2022/04/07/coinbase-launches-trading-services-in-india-to-hold-1mn-pitch-contest-for-web3-startups">runs incubators</a> with crypto-focused bodies like Buidler’s Tribe in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-is-in-a-frenzy-as-bitcoin-falls-below-30000-a-55-drop-from-its-all-time-high/articleshow/91459301.cms">The crypto market is in a frenzy as Bitcoin falls below $30,000, a 55% drop from its all-time high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/instagram-to-start-testing-nft-sharing-this-week-facebook-to-begin-soon/articleshow/91459196.cms">Instagram to start testing NFT sharing this week, Facebook to begin soon</a>

Coinbase CEO blames India’s central bank for halting trading operations

<ul><li>India’s Parliamentary Standing Committee on Finance has listed a meeting with the leading crypto players in India on its agenda for Monday, November 15.</li><li>This includes representatives from crypto exchanges like WazirX, CoinDCX, Coinswitch Kuber and others.</li><li>As reported earlier, India is looking at taking a softer stance on cryptocurrencies amid growing crypto investors and increasing blockchain adoption.</li><li>Rather than ban the crypto industry outright, like China, India is likely to go down the regulation route with a new crypto law expected to be tabled during the ‘Budget Session’ of Parliament in February 2022.</li></ul>Representatives from Indian crypto exchanges like WazirX, Coinswitch Kuber, CoinDCX and others are scheduled to meet with the Indian government today to discuss the way forward for cryptocurrency regulation in country today, November 15. The lower house of parliament (Lok Sabha) has <a href="http://164.100.47.193/lsscommittee/Finance/Meeting_notice/NOTICE_21-22%20(1).pdf">listed</a> the meeting as “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges,” to be hosted by the Parliamentary Standing Committee on Finance. The Indian government is looking to take a <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-will-still-have-a-few-hurdles-to-clear-before-becoming-a-law-even-if-the-cabinet-approves/articleshow/85397358.cms">softer stance</a> on cryptocurrencies with the burgeoning number of investors in the country, more crypto companies coming in and the growing adoption of blockchain technology. And, this will be its first-ever ‘official’ meeting with the top stakeholders in the country. Invited are the members of the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council (<a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">BACC</a>). BACC’s board is responsible for overviewing compliance for crypto exchanges with a set of self-regulatory guidelines which prevent against money laundering, terrorism financing, and other illicit activities. It’s not that these players haven’t been in conversation with the government in the past but that has mostly been <a href="https://forum.businessinsider.in/t/indias-new-laws-for-cryptocurrency-are-not-going-to-be-up-for-discussion-in-july/207">off-the-record</a>. This time around, the committee led by Lok Sabha member and junior minister of finance, Jayant Sinha has reportedly sent across a list of questions for BACC members to address, according to the <a href="https://economictimes.indiatimes.com/tech/technology/parliamentary-panel-to-meet-crypto-stakeholders/articleshow/87637142.cms">Economic Times</a>, <cmsannotation type="cmsannotation" annotationid="Why is the government asking India’s top crypto players?" comment="subhead" text="Why is the government asking India’s top crypto players?">Why is the government asking India’s top crypto players?</cmsannotation> The Indian government's change in stance, from wanting to ban cryptocurrencies back in February and now looking into the possibility of coexistence, has it asking crypto players, “Ask not what your country can do for you, ask what you can do for your country.” Sources told the Economic Times that the government is looking for answers to questions like the potential of the crypto industry’s to India’s digital ambition and its economy and its impact on the Indian rupee. It’s a big step to take amid repeated warnings from the Reserve Bank of India (RBI) over the past year on the ‘<a href="https://www.businessinsider.in/cryptocurrency/news/rbi-finally-explains-its-problem-with-cryptocurrencies-and-why-cbdcs-are-safer/articleshow/84666785.cms">grave concerns</a>’ it has with respect to cryptocurrencies. The central bank <a href="https://www.businessinsider.in/crypto-angadias-rbis-crypto-ban-might-incentivise-human-tellers-for-cryptocurrency-transactions/articleshow/63644805.cms">banned</a> cryptocurrencies altogether back in 2018 but the decision was overturned by the Supreme Court for being ‘<a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">unconstitutional</a>’. <div type="ExtQuote" text="“Let me reiterate that cryptocurrencies are a very serious concern as far as the RBI is concerned and we have a serious concern from the point of view of macro-economic and financial stability.&quot;" auname="RBI governor, Shaktikantha Das, during a Business Standard event on November 10"></div> Despite the apex court’s ruling, banks in India continue to <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">remain wary</a> of the crypto industry, and a few continue to <a href="https://www.businessinsider.in/policy/news/cryptocurrencies-fight-to-survive-in-india-even-as-rbi-claims-theres-no-ban/articleshow/73483085.cms">refrain</a> from letting their customers transfer funds to crypto exchanges. The meeting is reportedly set to pave the way for crypto regulation in India, likely to be tabled during the February ‘Budget Session’ of Parliament in 2022. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/telos-is-hedging-against-crypto-bear-market-with-fresh-investment-from-its-first-ever-marquee-investors/articleshow/87597875.cms">Telos is hedging against a possible ‘prolonged bear market’ with fresh investment from its first-ever marquee investors</a> <a href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-taproot-upgrade-promise-of-privacy-smart-contracts-and-cheaper-transactions/articleshow/87587315.cms">Bitcoin is set to get an upgrade after four years — it promises more privacy and better smart contracts</a>

Crypto players in India to meet with  government today to give inputs on the potential of cryptocurrencies in the country and its impact

<ul><li>India announced a 30% flat rate on income from ‘virtual digital assets’ due this year’s Union Budget.</li><li>The country has also been working on a bill to regulate the cryptocurrency space since 2019.</li><li>Expanding the definition could help the government tax NFTs, SIPs and more.</li></ul>The Indian government announced its plans to tax cryptocurrency transactions at a rate of 30% during the Union Budget. However, it's yet to nail down the definition of what it means by a ‘virtual digital asset’. <div type="Article" hostid="261" msid="89268587" title="From cryptocurrencies to NFTs, India to tax all ‘virtual digital’ assets at 30%" mstype="2" mssubtype="0"></div> It remains unclear whether the tax only applies to cryptocurrencies and <a href="https://www.businessinsider.in/investment/news/nft-sales-hit-7-billion-all-time-high-in-january-but-it-may-just-be-a-bubble-waiting-to-pop/articleshow/89249178.cms">non-fungible tokens (NFTs)</a> or other monetary use cases emerging from the blockchain ecosystem as well. According to a report by the <a href="https://economictimes.indiatimes.com/tech/tech-bytes/virtual-digital-assets-may-get-a-broader-definition/articleshow/89393614.cms">Economic Times (ET)</a>, the government wants the definition of ‘virtual digital assets’ to be dynamic enough to cover any new product that comes into being due to technological changes – an ask that sounds fair enough, considering the fast-paced changes seen in the cryptocurrency space. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Widening the definition of ‘virtual digital assets’" comment="subhead" text="Widening the definition of ‘virtual digital assets’">Widening the definition of ‘virtual digital assets’</cmsannotation> As things stand, the current definition of a virtual digital asset includes” any information or code or number or token (not being Indian currency or any foreign currency), generated through cryptographic means or otherwise.” It also includes NFTs and “any other digital asset, as the Central Government may, by notification in the Official Gazette specify:” Simply put, this means that the government has the power to include any new use case it deems to be a ‘virtual digital asset’ under the 30% tax umbrella as and when it deems fit. The crypto industry, especially in India, has grown to be worth billions of dollars in less than two years. While the 2020’s mostly saw Indians trading in cryptocurrencies, the country has seen a healthy growth in the NFT market in 2021 as well. According to a November 2021 <a href="https://www.livemint.com/technology/tech-news/india-ranks-third-in-terms-of-interest-in-metaverse-projects-11637847044719.html">report</a> from blockchain tracking firm DappRadar, over 500,000 Indian users had shown interest in metaverse and NFTs since the beginning of that month alone. The country was ranked fifth in terms of interest in such projects by DappRadar, behind the US, Indonesia, Japan and Philippines, respectively. NFTs and cryptocurrencies aside, the industry in India has also shown an intent to expand to new crypto-focused products. For instance, CoinSwitch Kuber had said that it intends to expand into traditional asset trading as well. On February 7, it also <a href="https://www.livemint.com/companies/news/coinswitch-launches-recurring-buy-plan-for-crypto-assets-11644216343760.html">launched</a> a recurring buy plan (RBP) for crypto assets. Systematic investment plans (SIPs) and mutual fund-like products around cryptocurrencies have also been <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/investors-are-chasing-crypto-sips-is-it-your-game/articleshow/86292991.cms">explored</a> by various firms. The one thing that is clear is that the Reserve Bank of India’s (RBI) central bank digital currency (CBDC) – <a href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">the digital rupee</a> – will not be treated as a digital asset. Since it is issued by the RBI and will be hosted on a private blockchain, the digital rupee will be treated as normal currency only, as clarified by Finance Minister Nirmala Sitharaman during the post-budget press conference. <cmsannotation type="cmsannotation" annotationid="India’s crypto bill is still a work in progress" comment="subhead" text="India’s crypto bill is still a work in progress">India’s crypto bill is still a work in progress</cmsannotation> India has been working on a bill to regulate cryptocurrencies since 2019. The first iteration banned all cryptocurrency activity. Since then, the Sithraman has <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms">clarified</a> a new bill will be tabled in Parliament and that it is significantly different from its predecessor. The bill was first <a href="https://www.businessinsider.in/finance/news/cryptocurrency-in-india-is-legal-but-a-pending-bill-with-the-government-could-change-things/articleshow/74521104.cms">listed</a> on the agenda for the Budget session of the Parliament last year, and appeared again on the agenda for the Winter session, which was held in December 2021. Both times, the bill sparked speculations of a possible ban on cryptocurrencies and crypto trading in India. However, the new bill is <a href="https://www.businessinsider.in/cryptocurrency/news/no-india-crypto-bill-in-sight-even-after-winter-session-of-parliament-comes-to-a-close/articleshow/88449161.cms">yet to be released</a> into the public domain for review. <div type="ExtQuote" text="By bringing in taxation, the government legitimises the industry to a large extent. The majority of people, especially corporates, who have been sitting on the sidelines because of uncertainties will now be able to participate in crypto. Overall, it’s a positive move for the industry." auname="Nischal Shetty, CEO of Indian crypto exchange WazirX"></div> The introduction of a 30% tax, while high, has been accepted by many as a form of acceptance of cryptocurrencies by the country – a way of giving the cryptocurrency space an air of legitimacy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-ethereum-cardano-and-others-are-making-a-comeback/slidelist/89395672.cms">Bitcoin is trying to make a comeback as it holds above ₹31 lakh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-steel-sbi-interglobe-aviation-paytm-and-other-hot-stocks-on-february-7/slidelist/89394977.cms">Tata Steel, SBI, InterGlobe Aviation, Paytm and other hot stocks on February 7</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-vc-firm-jumps-in-to-restore-wormholes-supply-after-defi-hack/articleshow/89350142.cms">Crypto VC firm ‘jumps’ in to restore Wormhole’s supply after DeFi hack</a>

India’s definition of ‘virtual digital assets’ isn’t set in stone

<ul><li><keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword> investors in India may be able to use net banking and debit cards to buy cryptocurrencies again.</li><li><keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">Banks</keyword> in India had withdrawn services from crypto exchanges earlier this year, after an informal warning from the Reserve Bank of India (RBI).</li><li>According to a report by the Economic Times, most customers switched over to using UPI to buy crypto — a channel that falls outside the purview of banks.</li></ul>After months of uncertainty, <keyword id="36838" type="General" weightage="20" keywordseo="indian-banks" source="Orion">Indian banks</keyword> seem to be relaxing their stance on cryptocurrencies. According to a report by the Economic Times (<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/crypto-gains-currency-again-as-banks-ease-curbs-on-purchases/articleshow/85813536.cms">ET</a>), the country’s top crypto exchange <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">WazirX</a> has listed Internet banking payment options from noted public and private banks in the country. The development comes even as the Indian government yet to make up its mind about how to govern cryptocurrencies in the country. According to Finance Minister <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">Nirmala Sitharaman</a>, India’s crypto bill is waiting on approval from the cabinet. However, sources told Business Insider that a <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">new committee</a> may be formed to reword the bill. The government may be softening its stance on cryptocurrencies in the face of surging popularity in <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-user-growth-2648-in-2021-so-far/articleshow/85264028.cms">Tier II and Tier III towns</a>. Banks allowing for crypto transactions may not entirely have to do with them becoming crypto friendly, following in the government’s footsteps. According to the report by ET, banks can only monitor transactions going through net banking or debit cards. Those using the Unified Payments Interface (UPI) channels to buy crypto are outside the purview of the banks. “We were not allowing any transaction up until recently, and that is still our official stance. But it’s difficult to monitor so many transactions and some do get through,” a banker told the publication. <cmsannotation type="cmsannotation" annotationid="Banks open up to crypto exchanges" comment="subhead" text="Banks open up to crypto exchanges">Banks open up to crypto exchanges</cmsannotation> WazirX listed top banks like Punjab National Bank, Union Bank of India and Industrial Development Bank of India (IDBI), Deutsche Bank, Federal Bank and more as eligible for net banking. This is in stark contrast to May when Indian banks had stopped doing business with exchanges after an informal communication from the country’s central bank, the Reserve Bank of India (RBI), warned them against working with these firms. Many banks started <a href="https://www.businesstoday.in/crypto/story/zebpay-wazirx-other-indian-crypto-exchanges-flounder-as-banks-cut-ties-after-rbi-frown-300183-2021-07-01">shutting down</a> the accounts of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> almost overnight, forcing many to stop taking rupee deposits from their users. Further, in a letter to users on May 31, a couple of banks from India started warning their users against dealing with crypto firms. In its <a href="https://www.livemint.com/market/cryptocurrency/indian-banks-warn-indian-investors-against-dealing-in-cryptocurrencies-11622458257496.html">letter</a>, HDFC Bank, the largest private sector bank in India, told customers that virtual currency transactions weren’t permitted, citing a 2018 letter from the RBI, which banned such transactions. This led to widespread concerns about banks’ relationships with crypto exchanges. Interestingly, the RBI letter cited by HDFC Bank and some others, had been struck down by the Supreme Court of India (SC) in May 2020. The SC’s decision was hailed by the crypto industry, which in turn was able to take advantage of the bull run cryptocurrencies like Bitcoin and Ethereum underwent late last year. The RBI also issued a notice on May 31, revoking the letters sent by these banks. Sharan Nair, chief business officer (CBO) of CoinSwitch Kuber, one of the top four crypto exchanges in India, explained that the move from banks comes after a circular from India’s central bank, the Reserve Bank of India (RBI). <div type="twitter" handle="NairSharan" handlename="Sharan Nair (CoinSwitch Kuber)" image="http://pbs.twimg.com/profile_images/1431964167510974475/3V3wym-g_normal.jpg" favoritecount="433" retweetcount="117" status="Good news coming out from the RBI. Banks can no longer caution customers against dealing in #cryptocurrencies citin… https://t.co/U7hdmO9A0O" createdat="1622470220000" id="1399367645888090117"></div> That said, things aren’t fully back on track just yet. “We offer multiple payment modes for Indian investors, such as UPI, Paytm UPI, IMPS, NEFT and RTGS. We also allow users to buy/sell cryptocurrency using their credit/debit cards but we see most of these transactions getting declined by the credit/debit card providers,” Jay Hao, CEO of cryptocurrency exchange OKEx.com told ET. Alternatively, crypto exchanges in India can use multiple transaction channels, including Net Banking, RTGS and UPI. While banks can control the net banking and RTGS channels, they have no control on UPI, which is a digital payments platform built by the government. As long as banks allow crypto firms to hold bank accounts in their establishments, users can use UPI to deposit money on exchanges. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/protests-are-breaking-out-against-el-salvadors-planned-bitcoin-adoption-with-demonstrators-decrying-the-tokens-volatility-and-potential-for-corruption/articleshow/85803487.cms">Protests are breaking out against El Salvador's planned bitcoin adoption, with demonstrators decrying the token's volatility and potential for corruption</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-mir4-is-all-the-rage-despite-mostly-negative-reviews/articleshow/85799785.cms">NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews</a>

Banks in India are reportedly softening their stance on crypto trading

<ul><li><keyword id="1972612" type="PERSON" weightage="20" keywordseo="Coinbase">Coinbase</keyword> is setting up a new office in India and expanding its local team.</li><li>The crypto exchange plans to recruit ‘hundreds’ of engineers as well as hire for the product, design and human resources teams.</li><li>Startup acquisitions and acquihires are on the books as well.</li></ul>Crypto exchange Coinbase just went public three months ago, and now it’s looking to expand its footprint in one of the most populous countries in the world, India. It has big plans to hire, acquire and make the South Asian country one of its primary hubs. <div type="twitter" handle="brian_armstrong" handlename="Brian Armstrong" image="http://pbs.twimg.com/profile_images/1039744169026224128/Ne3vqMhM_normal.jpg" favoritecount="5792" retweetcount="1137" status="Coinbase is building out an office in India! 🇮🇳 Amazing team already in place - come join us.https://t.co/yCaJk681pZ" createdat="1625249316000" id="1411024018228928512"></div> The chief executive (CEO) of the company, Brian Armstrong, recently tweeted that Coinbase is already building its office out of the country — in Hyderabad — and looking to add to its local team. This includes adding ‘hundreds’ of engineers while also recruiting for the human resources, design, user experience and product management teams. According to the blog post by the vice president of engineering in India, <a href="https://blog.coinbase.com/building-crypto-out-of-india-5cd5afa6d884">Pankaj Gupta</a>, these new hires will be among the “topmost talent available anywhere in the world.” <div type="ExtQuote" text="We have ambitious plans for this hub in the near future — we want to hire hundreds of world class engineers in the near term." auname="Blog post by Pankaj Gupta, the VP of Engineering and Site Lead in India for Coinbase"></div> Anyone who ends up at Coinbase will receive a one-time $1000 in crypto as a part of the company's new program called CIkka — pronounced ‘sikka’. The news comes after the crypto exchange announced that it’s working on an app store, <a href="https://www.businessinsider.in/cryptocurrency/news/coinbase-wants-to-become-the-apple-of-the-crypto-industry/articleshow/83986137.cms">that will work like Apple’s App Store</a>, for decentralised apps (DApps). Coinbase wants to be as local as possible Even though Coinbase is currently based out of Delaware in the US, its teams in India will be led by independent directors. They will have the autonomy to make decisions as per the local context and requirements. The company is ‘remote-first,’ so they’re open to hiring all over India, not just in Hyderabad where they’re setting up shop. In addition to the robust hiring, Coinbase hasn’t ruled out acquiring up and coming startups. The company has asked interested founders to reach out to Gupta so that their ideas can be discussed further. India’s crypto hype and FUD Cryptocurrencies were a red hot investment asset for Indians during the pandemic. Blockchain data analysis company Chainalysis estimates that Indian investments into cryptocurrency rose from $923 at the end of April last year to a whopping $6.6 billion by May 2021 — that’s a massive 615% jump. But, this also brought in more scrutiny from the government. While there is no official ban on cryptocurrencies in India, the Reserve Bank of India (RBI) continues to frown on it. Risk-averse banks, in turn, are hesitant to allow customers to exchange their rupees into cryptocurrencies. Since major payment gateways — like Razorpay, PayU and BillDesk — are dependent on these banks, they have had to sever ties with crypto exchanges. As a result, exchanges in the country are currently on the hunt for payment gateways that will allow conversion. WazirX and CoinSwitch Kuber, for instance, have currently partnered with Mumbai-based Airpay for instance transfers. Most exchanges offer alternatives like peer-to-peer (P2P) transactions or manual settlement — but those may not necessarily be an option for most users. Coinbase’s entry into the Indian market could lend some authority to crypto community camps with the Indian government mulling over new crypto laws and taxes. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/aamir-khan-backed-furniture-rental-startup-furlenco-raises-1000-crore/articleshow/84132797.cms">Aamir Khan-backed furniture rental startup Furlenco raises ₹1,000 crore</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

Coinbase expansion plans in India include hiring ‘hundreds’ of engineers and exploring startup acquisitions

<ul><li>Global payments solutions provider Clear Junction has joined Barclays and Santander in refusing to process transactions for <keyword id="6359140" type="ORGANIZATION" weightage="20" keywordseo="binance">Binance</keyword>.</li><li>This comes after Binance is already facing a blanket ban in the UK and warnings in Thailand, Canada, and Japan.</li><li>The ‘journey’ of compliance as cited by the company’s CEO seems to be getting bumpier as the world’s largest <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchange tries to keep its head above water</li></ul>Chanpeng Zhao, the CEO of Binance — the world’s largest <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword> — wrote, “Compliance is a journey especially in new sectors like <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword>,” in a <a href="https://www.binance.com/en/blog/421499824684902301/A-Letter-from-Our-CEO-Reflecting-on-Progress-and-the-Road-Ahead">blog</a> post last week. But, he did not mention how turbulent the journey may get or how long it is likely to last. The latest addition to Binance’s avalanche of problems is the split from global payments solutions provider Clear Junction. The company <a href="https://clearjunction.com/news/binance-transactions/">revealed</a> that it would no longer process transactions for Binance. Both, payments in pounds and euros, are now down for deposits or withdrawals. Barclays and Santander <a href="https://markets.businessinsider.com/currencies/news/santander-binance-ban-barclays-crypto-regulation-fca-2021-7">announced</a> similar measures after the regulator barred Binance from operating in the UK. The world's largest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchange</a> is now under the scanner as authorities globally explore their options. Binance has spread its business virtually everywhere and continues to enjoy full autonomy — a feat that's achievable because of cryptocurrencies and their inherently decentralised nature. So far, the company has been penetrating borders and reaching users unlike ever before, but the regulation-free good times may gradually be coming to an end. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Based out of a tax haven with an obscure corporate umbrella." comment="subhead" text="Based out of a tax haven with an obscure corporate umbrella.">Based out of a tax haven with an obscure corporate umbrella.</cmsannotation></h2> Binance has a slew of problems up its sleeve — the UK's Financial Conduct Authority (FCA) has <a href="https://www.businessinsider.in/cryptocurrency/news/britain-bans-cryptocurrency-exchange-binance-from-operating-in-the-uk-without-written-consent/articleshow/83901032.cms">banned it</a> from carrying out regulated activities in the country. If that wasn't enough, regulators in <a href="https://www.businessinsider.in/cryptocurrency/news/the-worlds-largest-crypto-exchange-is-having-a-hard-time-convincing-regulators-with-multiple-bans-piling-up/articleshow/83941711.cms">Canada, Japan and Thailand</a> have also issued warnings to the exchange. Many regional authorities have asked it to add a notice on its website and app informing users that the trade isn't regulated. And, while most countries have imposed mild restrictions, China has booted out all exchanges in a not-so-pleasant way — including Binance. Binance was originally founded in China by Canadian Changpeng Zhao but was forced to move out during the 2017 crackdown by the authorities. Since then, the exchange has been based out of the Cayman Islands, a sovereign region infamous for being a tax haven. However, the Cayman Islands Monetary Authority (CIMA) has <a href="https://www.financemagnates.com/cryptocurrency/news/binance-not-registered-in-cayman-islands-regulator-starts-investigation/">disclosed</a> that the company is not registered or licensed by the regulator to operate under its jurisdiction. So, while Binance may be operating as a business out of the Caribbean, it still doesn't have any financial watchdog's blessing. That's not all; Binance has an opaque corporate structure. When asked by <a href="https://www.reuters.com/world/china/binance-giant-crypto-exchange-under-regulatory-scrutiny-2021-07-01/">Reuters</a> to clarify, its spokesperson gave a vague response saying it was ‘decentralised’ and that it ‘works with a number of regulated entities around the world’. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="If your investment goes wrong, your only recourse may be to fly out to the Cayman Islands" comment="subhead" text="If your investment goes wrong, your only recourse may be to fly out to the Cayman Islands">If your investment goes wrong, your only recourse may be to fly out to the Cayman Islands</cmsannotation></h2> Since the company is based out of the Cayman Islands, the implications of the law get a little complicated. According to a report by the <a href="https://www.wsj.com/articles/binance-froze-when-bitcoin-crashed-now-users-want-their-money-back-11626001202">Wall Street Journal</a>, close to 750 traders are working with a lawyer in France to take action against the exchange. The problem is that one can't sue the company if they don't know where it's located and the Cayman Islands are nothing more than a mentionable address. There's no call-based support centre, the web is filled with fraudulent emails that try to scam unalert users, and grievance protocols are next to zero. Amid the piling criticism, Binance has <a href="https://markets.businessinsider.com/currencies/news/binance-regulation-plans-double-size-global-compliance-team-changpeng-zhao-2021-7">revealed</a> plans to double the size of its compliance team by the end of 2021. The company claims to have added new controls and regulation technology with partners such as CipherTrace to instil further protection for its users. While crypto exchanges have chosen <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">self-regulation</a> since the beginning — even players like WazirX, which is backed by Binance, CoinSwitch Kuber, ZebPay and CoinDCX in India — the cracks are often easily visible as <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> continue to get cited as a favourite tool for money laundering, funding terrorism, and illegal transactions by the authorities. South Korea is <a href="https://www.businessinsider.in/cryptocurrency/news/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">among the first to legitimise</a> crypto adoption, but it has established stringent norms on crypto companies to ensure there's no notoriety. It includes close intelligence monitoring, identity authentication, and safekeeping of assets by a conventional bank. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">South Korean banks are creating custody companies to deal with cryptocurrencies — without having to touch the asset itself</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-became-the-first-country-to-accept-bitcoin-as-legal-tender/articleshow/84343294.cms">El Salvador’s crypto-friendly plans are facing some important questions</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-world-bank-imf-and-bis-push-for-central-bank-cryptocurrencies-to-improve-cross-border-payments/articleshow/84345332.cms">The World Bank, IMF and BIS push for central bank cryptocurrencies to improve cross-border payments</a>

You Searched For "coinswitch kuber rupee deposit" and got 8 results

After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits

Rounak Jain

Users not able to deposit money on Indian crypto exchanges right now, as banks get cold feet

BI India Bureau

Coinbase CEO blames India’s central bank for halting trading operations

BI India Bureau

Crypto players in India to meet with government today to give inputs on the potential of cryptocurrencies in the country and its impact

Prabhjote Gill

India’s definition of ‘virtual digital assets’ isn’t set in stone

BI India Bureau

Banks in India are reportedly softening their stance on crypto trading

BI India Bureau

Coinbase expansion plans in India include hiring ‘hundreds’ of engineers and exploring startup acquisitions

Prabhjote Gill

Binance’s compliance ‘journey’ gets bumpier as another partner backs out

Shivam Vahia

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