Yes, you’ve heard it right – CoinSwitch Kuber disabled crypto withdrawal for Indian investors; but why? Here’s everything you need to know.
Cryptocurrency, the hottest buzzword in today’s age of smart trading and assets, has always remained a sizzling, fiery topic of debate and controversies around the world.
Although 46 million Americans have been dealing with these one-of-a-kind digital assets since the early 2010s, the viral wave in India alone in 2021 led to a gigantic community of over 20 million investors joining the crypto bandwagon in a year. With a record-breaking amount of over $638 million being invested in assets in a year, newfound crypto trading apps like CoinSwitch Kuber, CoinDCX, Zebpay, WazirX are becoming more and more popular by the day.
In that regard, the news that CoinSwitch Kuber disabled crypto withdrawal temporality to adhere to foreign exchange guidelines, despite operating in a decentralized platform, has been making headlines. Previously, the trading of bitcoin, Ethereum, tether, Cardano, and hundreds more digital assets have remained controversial topics because of issues such as volatile markets, continuous interference by the government, etc. (Xanax)
Following this event, here are some tweets that depict how the Twitterati responded to the fiasco:
The Indian government has shown active involvement in crypto trading; and with the introduction of new laws and guidelines, challenges such as disabling deposit/withdrawal features, market crashes, etc. aren’t very surprising. So, what’s next for crypto in India?
The official Twitter of CoinSwitch tweeted “We are currently engaging with regulators and policymakers in bringing regulations. Until some clarity is achieved, the crypto withdrawal function will remain disabled on the CoinSwitch Kuber platform. We request your patience in this” to console flocks of furious Twitter users and digital asset investors pan India.
