Indian crypto exchanges have stopped accepting rupee deposits via Unified Payments Interface (UPI), which was widely used to make investments of as little as ₹100 in virtual digital assets (VDAs). Mint looks at the ways investors can deposit money on crypto platforms:
Indian Crypto Exchanges: App Landscape & Customer Perception Report, 2021 inc42.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inc42.com Daily Mail and Mail on Sunday newspapers.
A crypto frenzy in open defiance of our ban plan
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When strangers start offering stock tips, went the old saying, it is time to exit a frothy market. With Bitcoin punts, online advice could soon be at that point in India, as a crypto frenzy fed by federal easing of fiat money plays out globally, and bets on its value are confidently spoken of as one-way wagers. Yet, this cryptocurrency is not just another item on a ticker tape of crawling scrip prices, and, froth or not, it also appears to hold appeal among real investors, those who weigh risk against expected return. The local risk of owning Bitcoin was raised by a recent legislative proposal of the government to ban private cryptocurrency. News of clamps in the works broke just before our budget of 1 February. But Indian crypto exchanges have reported a surge of sign-ups since then. CoinSwitch Kuber, a crypto-only platform launched last year that claims 3 million users, said it saw both users and trades rise rapidly this month. WazirX, a crypto exchange with 1.5 million claimed users, reported five times as many new users in February than January. Others platforms saw upshifts too. This is remarkable.