Crypto exchange Coinswitch Kuber has resumed rupee deposits via the bank transfer route on its platform, nearly two weeks after suspending the option due to regulatory uncertainties.
While there was no official statement, CoinSwitch Kuber’s app showed that it was accepting deposits through NEFT, RTGS and IMPS as little as Rs. 100.
The move comes as a relief to investors who were struggling to deposit money on Coinswitch Kuber, India’s largest crypto exchange with over 15 million users.
However, the widely used Unified Payments Interface (UPI) network CoinSwitch remained disabled on Kuber as well as other crypto platforms.
Earlier this month, crypto exchanges stopped allowing deposits via UPI, as the National Payments Corporation of India (NPCI) said it was aware of any digital asset platform using the service. was not. Subsequently, MobiKwik, whose services were used by major crypto exchanges, withdrew support from the exchanges.
The suspension came as a major setback for crypto investors in India as UPI has been one of the most preferred routes for making deposits on crypto exchanges.
Meanwhile, another crypto exchange, CoinDCX, has reduced the minimum deposit via bank transfer to Rs. to 750 3,000 ago.
CoinDCX told users on Twitter, “…Our team is actively working with payment partners to reduce the minimum deposit amount. We will keep you posted via an announcement for the same.”
According to industry experts, while crypto exchanges are linking up with banks, there is uncertainty about providing banking services to the crypto industry.
Meanwhile, Finance Minister Nirmala Sitharaman said on Wednesday that India will consider regulation of virtual digital assets.
During a talk at Stanford University, she said, “We will all take time to make sure … within the information given, we are making a prudent decision … and it cannot be rushed.”
A bill to regulate cryptocurrencies in India was to be introduced in the Parliament in the recently concluded session. However, according to media reports, it is not ready yet.
Despite repeated exposure to economic, financial, operational and legal risks by the Reserve Bank of India, crypto investors in the country have grown manifold.