We regret to inform you that the INR deposit feature on the CoinSwitch Kuber app is temporarily disabled. So, you will not be able to make new INR deposits into your CoinSwitch wallet via UPI or Bank transfer for some time.
However, this will not affect INR withdrawal, crypto deposit/withdrawals, or buy and sell of crypto with existing deposits you have in your wallet.
Let us explain why this is happening.
Over the past few weeks, we have been facing issues with INR deposits via banks and payment gateways. Banks are hesitant to engage with crypto exchanges due to the lack of regulation in the crypto space, which has affected India’s entire crypto industry.
A couple of days ago, an article published in Economic Times stated that ICICI bank and other banks are distancing themselves from exchanges supporting Bitcoin and cryptocurrency trading. This is happening despite the supreme court lifting the banking ban imposed by RBI on cryptocurrencies. There is no clarity from the RBI post supreme court verdict on how banks should deal with crypto exchanges. So, citing the circumstances, some banks have been reluctant to work with cryptocurrency platforms.
We believe that it is a minor hiccup in the industry. CoinSwitch Kuber is committed to bringing crypto conversations into the mainstream, hoping that it will be accepted and established as an asset class on par with traditional assets.
We are actively engaged in shedding light on the importance of crypto to the authorities. And are relentlessly working towards partnering with more financial institutions that are willing to extend their services in the crypto space for a better user experience.
On the deposit front, we are sorry for the inconvenience. We are continually in talks with the banks and are determined to get this issue resolved soon.
Meanwhile, we request you to bear with us and give us your unshakeable support as we resolve these issues. Please be assured that your funds are always secure with us.
CoinSwitch Kuber looks forward to welcoming a positive regulation for cryptocurrencies in India. With the recent response from Finance Minister Nirmala Sitharaman, we believe that the day is not far when we hear new advancements in the crypto space in India.