Crypto in India has roller coaster ride, as many fake news and non-transparent statement causing multiple issues. In recent time Banks like SBI, HDFC and other Banks started sending notices to their customer to stop dealing with crypto or else they will block their account. however, Banks also start putting transaction on hold, as they wanted to continue their services in the India. recently most of trader facing problem while withdrawing and adding money into Crypto exchanges like WazirX, CoinSwitch and more.
In recent times, founder of WazirX Nischal Shetty has built their own payment infrastructure after Paytm, PhonePe, GooglePay and more decided to not continue to offer their services. in last few months Indian crypto investor faces multiple transaction issue that include delay in receiving or sending funds or even transaction stuck for more than 1 to 2 weeks.
Finally Good news form RBI i.e., Reserve Bank of India release official statement to banks and other payment companies to carry out virtual currency transactions. Nischal Wrote on their this is one of the biggest wins for Indian crypto trader because back in 2020 Supreme court dismiss objection of RBI over crypto. so, supreme court lifted banned on crypto in India but most of banks following old circular that causing panic situation.
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we could see all exchange UPI, RTGS, NEFT and other payment enable soon for customer convenience till further notice. RBI also said that Bank has to continue to follow traditional rule of KYC and other. This means Government of India thinking to bring regulation on crypto, as multiple sources claim that team already appointed and they working on it.
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WazirX recently completed 1 crore of user mark, as platform getting huge criticism by multiple users. however, Nischal Shetty clarifies that due to sudden growth in number of new user and increase in number of transactions this issue continues to keep coming. In that, UPI and banks not working with them due to that investor’s transaction stuck for longer period of time. so, WazirX could bring back different payment types in future that could help to bring another bull in WazirX token price.
This is biggest news for Indian investor as well as Crypto community because one more country could be joining the list. however, we don’t have any official news about regulation but once it officially we will update here. Investing in crypto still highly risky, so will suggest you to do proper research and then only invest.