Deposit not happening through UPI? Know how to Indian users can now deposit in crypto with INR.

 Crypto exchanges in India have stopped handling deposits through UPI.

Deposit not happening through UPI? Know how to Indian users can now deposit in crypto with INR:

There is a bad news for crypto investors in India. Indian crypto investors are again in trouble, as major cryptocurrency exchanges such as Wazirx, CoinDCX, Coinswitch Kuber have banned deposits through the payment system Unified Payments Interface (UPI), a widely used payment system. This will have a direct impact on small investors.

Depositing money from UPI to crypto exchanges in India has been the first choice of Indians. According to the information, the total transaction value of UPI in India in the last financial year has been above 1 trillion dollars. coindcx which is not existing inr deposit via mobikwik support since last 2 weeks, while coinswitch kuber has also completely stopped depositing money with bank transfers like UPI, NEFT, RTGS and IMPS. While WazirX currently only allows deposits through net banking and person-to-person (P2P) transfers. Also, there were limited banking options available for depositing Rupees through Net Banking on WazirX. Wazirx is the largest crypto exchange in India in terms of trading volume.

Exchanges removed this service after NPCI statement,

Several crypto exchanges in India have temporarily disabled INR deposits via UPI to avoid any tangle with the National Payments Corporation of India (NPCI). This comes after NPCI recently said that it was not aware of any crypto exchange using UPI to buy crypto in India. After this, the crypto exchange stopped depositing from INR. Payment wallet MobiKwik has also stopped supporting crypto trading on exchanges. Previously, users could deposit money into the MobiKwik wallet via UPI and then use it to buy crypto on exchanges. But investors will no longer be able to do this. It is worth noting that a few months ago, during the presentation of the Budget-2022, Finance Minister Nirmala Sitharaman had said in the Parliament that crypto would be taxed at 30% and TDS charges would be 1%, since then the decline in crypto investors started registering. This rule is in force in India from 1st April.

Know now how you can deposit in inr.

Indian investors can still easily deposit money in INR. Here are some ways for this.

1 - Net Banking

2 - P2P

1: Net Banking - You can easily deposit inr in crypto exchange through net banking. Take net banking service of whichever bank you have your bank account with and after that you can deposit money inr in crypto exchange like, Wazirx, COINDCX. This is absolutely safe way. There will be no problem in this.

2: P2P - Another way to deposit in INR is to deposit in P2P. It's called Person-2-Person. You can transfer money to your exchange in conjunction with other sellers. P2P is currently available in Wazirx. But all other exchanges also have the option of crypto send and receive, through which you can receive money from other sellers or senders in the wallet of your exchange. These are all legal methods. 

Can the government ban P2P also?

Experts say that it will not be easy for any government to ban P2P transactions as it is a constitutional right of citizens to buy or sell any service. Because if the government says in future that no person can buy or sell cryptocurrencies through P2P, then common citizens and crypto exchanges can approach the Supreme Court because buying or selling any service is a constitutional right of citizens.