Regulatory Concerns Lead CoinSwitch Kuber To Suspend All Crypto Payment Modes for Indian Users

Due to the repercussion of the Indian government beginning to incorporate hostile policies on cryptocurrency, multiple crypto exchange platforms, including CoinSwitch Kuber, have discontinued crypto payment modes for Indian users. NEWS UPDATE: @CoinSwitchKuber has disabled all modes of #payments for purchasing crypto purchases on it’s platform including bank transfers. This comes two days after Coinbase had to disable the UPI which was the only #crypto purchase option on its platform. pic.twitter.com/uWsqy4A4Oc — 🥷 Gokhshtein Media (@gokhshteinmedia) April 12, 2022 History of Crypto Exchanges Halting Services in India Since April 1, Indian cryptocurrency exchanges have been targeted by the Indian government. Exchange platforms have been imposed with a levy of 30 percent taxation on profit from virtual digital assets, including cryptocurrencies. As of April 10, crypto exchanges such as WazirX, ZebPay, and Giottus have hit a six-month low due to the uncertainties that have surrounded the cryptocurrency field in India. Within three days of Coinbase launching its trading services in India, the US-based crypto exchange announced the halting of UPI payments. After being targeted by the National Payments Corporations of India (NPCI) that oversees UPI, NPCI stated that they are not aware of any crypto exchange in the nation that uses UPI. CoinSwitch Kuber Temporarily Halts Services for Indian Users In addition to discontinuing crypto...