Indian crypto exchanges shifting toward P2P under restrictions: Report

The majority of the crypto Companies are trying to go with P2P payment services for their customers to sustain their operations.

At present, the crypto industry of India is under a big hurdle because on one side crypto tax bill gives a hint for the crypto regulation possibilities in near future but the opposite of this thing is UPI payment services, which are not allowed for the crypto companies to use legally. So in this way, Exchanges are facing a situation where neither they can go forward nor they can go backward. 

In the last few years, Indian crypto exchanges provide better fiat deposit facilities with the help of UPI payment services but the latest restrictions for the exchanges on the use of UPI services are leading to a very big issue for the crypto investors to go with Crypto trade. 

On 18 April, the India times published a report on this concern and noted that exchanges are in huge trouble because customers are not able to do any type of activities and as a result of it they are not getting efficiency in their services. 

An anonymous person close to a crypto exchange shared details on such things with the news media and noted that they are now going person-to-person money transaction services.

Source said: 

“This is not how an exchange should be functioning. It’s certainly less efficient. But apparently, there is no violation of any regulation or law. It’s a simple money transfer from A to B,”

In actuality, the whole matter started with the Coinbase exchange when the exchange launched its services officially in India but faced legality issues on the use of the simplest payment method UPI with its payment partner. 

However Coinbase exchange stated that it will work on this matter with the officials to resolve issues and bring better Services under compliance but this issue started with other exchanges like Wazirx, Coin Switch, Zebpay like many other exchanges. 

Now every crypto exchange is not able to use UPI payment methods, while earlier this every crypto exchange was providing this method as the best option.

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