Major Indian Cryptocurrency Exchanges facing bank issues

Major Indian Cryptocurrency Exchanges facing bank issues. There have been no clear guidelines or any framework set by the Indian Govt or RBI yet. It has been almost 3-4 years since Cryptocurrency started picking up pace. Indian Govt. definitely takes time to implement regulations and sometimes making bad decisions. In 2017-2018 the Investors faced huge losses as RBI restricted banks to deal with Cryptocurrency. In 2020 Supreme Court of India uplifted this decision.

Indian Cryptocurrency Current Issues:

📢 Important update

WazirX will not accept INR deposits to PayTM Bank account from 11:59 PM IST tonight, 20th May 2021.

If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after that, it will revert to your source bank account within 7-10 business days.

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) May 20, 2021

Apart from the regulation which will still take time, however, the banks are now clueless and they are limiting their support. In a recent turn of events, Major Cryptocurrency Exchanges in India are facing the burn. WazirX, CoinDCX, and CoinSwitch Kuber are some of the major players in India’s Crypto Market. While WazirX is changing from Bank transfers to using PayTM gateway and stopping UPI. CoinSwitch Kuber and CoinDCX are facing similar issues.

There are P2P which is known and trusted but still not easy for all. P2P is kind of a marketplace to buy Currency from a random seller and buyer. When the RBI issues a circular in 2017-2018, P2p was a way to get out of the ecosystem. Some hold for long while some panic selling.

We have an important update on INR deposits. Please note that we will not be accepting any deposits to our Paytm Bank Account from 5 PM (20.05.2021)

Any deposits made to Paytm Bank account after 5 PM today will be refunded automatically within 7 working days.

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— CoinSwitch: India's Largest Crypto App 🚀 (@CoinSwitch) May 20, 2021