Cryptocurrency exchanges in India have been affected since April 1, the day from which the government said it will levy a 30 per cent taxation on gains from cryptocurrencies and other virtual digital assets. According to reports, the trading volumes on major crypto exchange platforms have seen steep declines amid uncertain crypto regulations in India. Payment method options on these exchanges, like ZebPay, WazirX and Giottus have been also in the decline as there is not clarity on how the new proposed Finance Bill will regulate cryptocurrencies in India.
As per Moneycontrol, Mobikwik, which was the only wallet across multiple platforms, has also withdrawn its services starting from the beginning of this month. We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings Crypto experts say P2P transactions in virtual digital assets are as safe as any transaction between two human beings. So the risk is same as transaction of any product or any services offline between two individuals. P2P crypto transactions can also be done on exchanges, which act as mediators to reduce the risks. He further said it is important to note that crypto to crypto trading executed on decentralised exchanges does not involve an escrow wallet.
But it is time for the Government to clarify what it recognises crypto as. Chandra suggested that as exchanges are being forced to disable UPI and IMPS services, investors holding crypto may look for options like staking to earn a passive income. Cryptos and other virtual digital assets are unregulated assets in India.
Investing in them could lead to losses. Please consult a professional financial advisor before making any investment decision in crypto. Download Financial Express App for latest business news. Written by Rajeev Kumar. Updated: April 13, pm. Representative image. More Stories on.
The error message "Sorry, account temporarily disabled" indicates that your account currently has a restriction potentially related to a security concern. If your account isn't recognized as a trusted payment source, you may not be able to buy crypto and add cash on your account. Coinbase uses an automated. The last time I purchased btc was 5 months ago for a small amount ~$ so I don't know how long it's been "temporarily" disabled.