Hours after Chatterjee’s announcement, the central bank-backed entity that runs the system — called United Payments Interface — said it was “not aware” of any crypto exchange using the network. Daily trading volumes on Indian crypto exchanges, which collectively cater to about 15 million people, have tumbled by between 88% and 96% since peaking last year, data from CoinGecko show. Coinbase already offered trading in crypto pairs in India, which doesn’t require customers to deposit rupees into their accounts. MobiKwik, a local payment service provider, stopped working with Indian crypto exchanges on April 1, according to a report by news outlet Moneycontrol. WazirX and CoinDCX, another Indian crypto exchange, have both announced that rupee deposits via MobiKwik have been temporarily suspended.
