Indian exchanges block UPI to buy bitcoin, other cryptocurrencie

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The Indian government has been toying with the idea of banning or regulating cryptocurrencies for a long time due to the risk and volatility.

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However, recently the government has decided to tax the income from cryptocurrencies and other digital assets.

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WazirX on Wednesday said on Twitter that “UPI is not available,” and suggested users to make P2P payments instead, which have zero fees.

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The platform also said that it does not have an estimated time to fix the issue with UPI deposits.

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Meanwhile, uThe sevadars expressed their concern on social media. ,You have closed INR deposits without any information.

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At least tell us how long it will be closed,” Twitter user Avijit Debnath asked Coinswitch on the social media platform.

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Nasdaq-listed crypto exchange Coinbase, which recently launched in India, has disabled crypto purchases “due to an ongoing issue with the UPI system”.

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The exchange further clarified: “Note that we do not support any other payment methods for purchasing crypto at this time.”

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