The users of Crypto trading platform CoinSwitch Kuber will not be able to deposit money for purchase of crypto currency temporarily. The company has disabled all payment modes including bank transfers for purchase of crypto currency on its platform.
The company took this decision after the NPCI (National Payments Corporation of India) the governing body that oversees the UPI transactions in the country made a strange statement. The statement was regarding the launch of a new crypto trading platform Coinbase which launched in India on April 7 ,2022.
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The NPCI in a statment said “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.”
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Afte this the company TechCrunch, informed its users in India that the UPI payment method is “currently unavailable”.
The app urges users to try another payment method, but it currently does not support any other method for purchases in the country, according to users, tests, and the company’s own support page.
Coinbase began testing UPI payments in India several weeks ago.
In a statement, later that day Coinbase said it was committed to working with NPCI and other relevant authorities and said it was experimenting with other payment methods.
But after Coinbase the biggest crypto trading platform in India Coinswitch Kuber also stopped the UPI payments.
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