US-based crypto exchange Coinbase has had to halt the option on purchasing cryptocurrencies through the Unified Payments Interface (UPI), just after three days it has announced its plans to launch crypto trading in India.
The app currently shows that the users can sell via IMPS method. Buying option is unavailable at the moment. Last week, the company announced that it will allow users to use UPI. The same night, the National Payments Corporation of India (NPCI) issued a statement saying it is 'not aware of any crypto exchange using UPI.'
Notably, Mobikwik wallet, which had partnered with major crypto exchanges, has stopped supporting crypto trading. Further, only a few exchanges are currently allowing crypto trading using bank transfers.
The industry is already witnessing a slowdown in India after the imposition of a 30% tax on gains from cryptocurrencies. This has come as a major setback for the industry as well.
Sources say, “Altogether, the trading volumes have significantly dropped. Only the well-funded exchanges will survive in the next few months because volumes have dropped significantly which is the key revenue stream.”
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