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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><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><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>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>

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After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits

Rounak Jain

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

BI India Bureau

Banks in India are reportedly softening their stance on crypto trading

BI India Bureau

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

BI India Bureau

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