Indian crypto exchanges block deposits via state-backed system, stir alarm

The decision by CoinSwitch to halt UPI acceptance resulted from “regulatory uncertainty” after the NPCI statement.

Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using a widely-used state-backed transfer system, spurring users to voice concern on social media.

India has spent years on a law to ban or regulate cryptocurrencies, with its central bank backing a ban over their threat to…read more