Crypto trading platforms such as WazirX, CoinSwitch and ZebPay reportedly halted support for PayTM banking systems after a series of events led to Bitcoin losing almost half of its all-time high value.
Trouble for Wallets
After several users reported errors during depositing funds, reports came in that Paytm bank has taken back support from these gateway systems for a while.
Popular trading portal WazirX’s Shetty says, “It’s unfortunate that crypto sector in India is facing trouble with API based payment processing access. Supreme Court order was clear, and everyone in the country should accept it. The Crypto industry should not be cut off from banking access,”
India’s take on Crypto
India’s Finance Minister Nirmala Sitharaman stated the following in March, a few weeks before the crypto market crash “There will be a very calibrated approach to be taken on crypto” and insisted that there will be a “window available for all kinds of experiments”. This may indicate a ray of hope for crypto investors in our country regarding cryptocurrencies’ rules and regulations.
Threat to investors?
This surely doesn’t come as a threat to investors at this particular moment because due to the market crash, banks are just taking necessary precautions to save themselves from trouble (sort of like a prevention plan).
For all we know, Mobikwik wallet is still supported, so if you want to go ahead and invest in some cryptocurrency, then now is the time considering how the market took a U-turn in the past few days after Elon tweeted about energy conservation related to Bitcoin mining.