Coinswitch will not be able to buy cryptocurrencies on Kuber, all payment options are closed

The sound of some major change is being heard in the field of crypto currency in the country. Crypto currency exchange 'Coinswitch Kuber' has closed all payment options for the purchase of crypto from its app. This also includes bank transfer.

Two days before this move by Coinswitch Kuber, 'Coinbase' had shut down the Unified Payments Interface (UPI). It was the only option to purchase crypto on its platform. After Coinbase, CoinSwitch has also closed all options on its app to purchase crypto currency with Indian Rupees deposited through UPI and bank transfer. In this way, now there is no option left for cryptocurrency by depositing the amount in the wallet of this app.

This will have a major impact on crypto trading through the Coinswitch app. In the year 2021, it was used by 14 million users. The company has not yet officially said why all crypto buying options have been turned off on the CoinSwitch app.

Heavy tax of 30 percent

The government has been eyeing the active crypto exchanges in India for a long time. In the budget of the current financial year 2022-23, a hefty 30 percent tax has also been imposed on the profit from trading in cryptocurrencies. This tax has come into effect from April 1. Payment options from crypto exchanges are being curtailed ever since the government imposed heavy taxes. Mobikwik has discontinued its wallet payment facility for crypto purchases as of April 1.

Crypto business has been the subject of controversy

Trading of virtual currency is not legally allowed in the country, so it is not considered illegal either. The government took the step of filling its pockets by levying tax on it, questions have also been raised about it. Now companies have started shutting down the facility of buying and selling of crypto currency through Indian Rupee through the app. It is believed that the government or the Reserve Bank can take some big step in this regard.