CoinSwitch: Crypto Deposits and Withdrawals Has Been Disabled Until Regulations

Crypto Deposits and Withdrawals Has Been Disabled

For the last few days, crypto users were facing difficulties in depositing and withdrawing cryptos in their accounts. Users have also shared their issues with exchanges on their Twitter handles.

Now India’s leading cryptocurrency exchange CoinSwitch has said its crypto deposit and withdrawal functions will remain disabled until new crypto regulations are put in place by the government.

On Tuesday a CoinSwitch user complained about the issue he is facing in depositing and withdrawing funds from his wallet. And CoinSwitch said, “the crypto deposit/withdrawal function will remain disabled until we bring in the regulation, as we are already in talks with regulators and policymakers.”

You may know the Indian crypto bill has already been passed and the government has decided to charge 30% Tax and 1% TDS on crypto transactions from 1st April 2022 announced in the union budget 2022 by the Finance Minister Nirmala Sitharaman.

But the final decision and development are pending by exchanges due to a long list of uncertainty about the outcome of the proposed digital assets legislation outcome.

Currently, there is no clear official data on cryptocurrency investments and transactions in India. According to reports, the bill is also delayed, and the govt. will wait for global consensus before taking this bill into the parliament.

Now experts in the crypto industry also believe that reforms to the new crypto bill with more comprehensive consultations can help in making India a crypto hub.

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I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.
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