Indian crypto exchanges disable UPI and other payment options
Indian Crypto Exchanges Disable UPI, or any Other Options for Payment.
Cryptocurrency exchanges in India are disabling rupee deposits, and payments using the Unified Payment Interface (UPI) system. This statement was issued by the National Payments Corporation of India (NPCI) regarding the use of the UPI system by crypto exchanges.
Giant Crypto exchanges such as WazirX, Coindcx, and Coinswitch Kuber do not support UPI saying via Twitter. including UPI and bank transfers via NEFT, RTGS, and IMPS.
The Nasdaq-listed crypto exchange Coinbase, which recently launched in India, has disabled crypto buying "due to an ongoing issue We're experiencing with the UPI system." The exchange clarified "we don't support another payment method to buy crypto at this time."
A person familiar with the matter told Forkast publication that the NPCI was caught between a rock and a hard place when Coinbase claimed to launch with UPI support. “Once the launch of Coinbase happened in India and they announced the usage of UPI as a payment option, NPCI realized it needed to put a clarification out there,” the person said.
Cryptocurrency exchanges stopped supporting UPI payments after the National Payment Corporation of India (NPCI) issued a statement that is not aware of crypto exchanges using the UPI system.
Statement by NPCI as on 7th April 2022. 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. Please see attached document pic.twitter.com/lGTcaSLKeC— NPCI (@NPCI_NPCI) April 7, 2022