In recent months, cryptocurrencies have grown in popularity as a means of investment and trading in India, particularly among younger generations. The younger generation is more open to new concepts such as multimedia and cryptocurrencies because they are more technologically savvy.
The rapid rise of cryptocurrency in India has been fueled in part by crypto exchanges such as BuyUcoin, Zebpay, and CoinDCX, which have made it simple for Indian investors to invest in cryptocurrencies.
However, many Indian crypto exchanges have been experiencing issues with their banking partners in the last month, resulting in users being unable to deposit funds into their accounts. As every situation has an exception, BuyUcoin is the only cryptocurrency in India that has not faced any issues related to this issue for INR deposits.
Indian cryptocurrency investors have expressed outrage after experiencing multiple transactions and payment delays as a result of high traffic on multiple exchanges. Sharma faced a two-hour delay in canceling a sell order on his Dogecoin on Tuesday and has raised seven tickets on the Binance owned exchange app, which is currently unattended.
In the case of Doge-INR trade, the exchange stated that it saw nearly one lakh users on the site at one time, which is 70% more than our daily average trade. Another exchange, CoinDCX, has received criticism from users who have been logged out of their accounts and are unable to sign in, as well as from others who have seen incorrect trade rates on the platform.
INR Deposits issue in India
Failed crypto trades, frozen INR deposits, and the inability to view their portfolio history are all common complaints when a digital token experiences unusual activity. CoinDCX also experienced “maintenance downtime,” and the servers of the world’s largest crypto exchanges, Binance and Coinbase, slowed as crypto investors worldwide became concerned.
On May 19, Binance owned exchange sent an email to their users informing them that their INR deposits had been temporarily disabled. Its users received an important email from the company last night informing them that the exchange will cease accepting INR deposits to their PAYTM Bank account on May 21.
When users attempt to deposit INR via bank transfers, they receive the message ‘Sorry, this mode is temporarily disabled.’ This problem with the exchange deposits and INR deposits for other cryptocurrencies has been ongoing for some time. CoinDCX and Coinswitch Kuber have both frequently reported on Twitter that their INR deposits have been disabled due to problems with their banking partners.
What Banks in India tell about cryptocurrencies?
Many private banks, including ICICI and Axis Bank, have publicly stated that they believe crypto investments are risky and have stopped providing services to crypto exchanges. According to The Quint, banks have also stopped providing UPI services to cryptocurrency exchanges.
However, the National Payment Corporation of India (NPCI) has publicly stated that it will continue to provide UPI services to crypto exchanges, and it is up to banks to decide whether or not to deal with companies dealing with cryptocurrencies.
Since the Supreme Court overturned the cryptocurrency ban in 2020, calling it ‘unconstitutional,’ India’s crypto industry has exploded. However, recent rumors that the government may consider outlawing cryptocurrencies appear to have alarmed banks.
More recently, the government is reconsidering its stance on cryptocurrencies and intends to regulate them rather than outright ban them. However, based on the government’s decisions, only time will tell how the crypto industry develops in India in the future.
BuyUcoin is safe for INR Deposits in spite of the issues
BuyUcoin, India’s one of the leading crypto exchanges has not faced any issues with INR deposits, UP transactions, or Bank related problems for cryptocurrency trading as it is an Indian exchange where Banks in India support such exchanges.
Binance owned exchange, on the other hand, has removed the UPI option because banks do not provide UPI to crypto exchanges. However, not all transactions appear to be affected. The issue has arisen as a result of some bank’s refusal to allow their payment gateways to process these transactions.
There were always some banks that refused to process cryptocurrency transactions. Some banks have now changed their stance, which is causing the issue. This is a bank-related issue due to a lack of understanding, and it could be at the entity level or a brief pause as they try to implement regulations for greater transparency in KYC or anti-money laundering.
BuyUcoin has INR Options available for Deposit: IMPS/NEFT/RTGS/UPI