Cryptocurrency (Representational image: Shutterstock)
Recently, Paytm payments bank joined the constantly growing list of financial institutions that are distancing themselves from cryptocurrency exchanges like Wazir X, Coin DCX, ZebPay, and more. With YES Bank and ICICI already disassociating themselves from these exchanges, Indian investors are increasingly left with negligible payment and deposit choices when it comes to cryptocurrency-related transactions.
Adding to the growing unwillingness of various banking institutions to facilitate cryptocurrency transactions in the country is its grey and vague regulatory landscape. And even though the government is opting for a “calibrated” approach towards adopting cryptocurrency, which can only mean green shoots for the nascent Indian crypto industry, most prominent exchanges like Wazir X and Coin DCX are yet to offer the widely used UPI (Unified Payment Interface) as a payment option for adding money to wallets for trading in bitcoin, dogecoin, ethereum and more.
Interestingly, the National Payments Corporation, which runs the UPI system has not weighed in on banning cryptocurrencies. However, that does nothing to reduce the transactional issues faced by Wazir X, Coin DCX, and more.
According to a statement by Coin DCX, the