Why are Indian Exchanges not taking in INR Deposits?

in HODLlast month


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Currently, there has been a huge uproar on the Indian Twitter scene about Cryptocurrency Exchanges not accepting INR Deposits and the Indian Public is in an uproar as to why the Exchanges are doing these when it is the Bull Market. The answer is pretty simple and most of the people are just not listening to it. The fault is not withing the Exchanges but instead with the Banks.

Until recently ICICI Bank was the primary bank that provided the Crypto Exchanges their Virtual Accounts but now they are retracting their services towards Cryptocurrency Exchanges in India.

So what's a Virtual Account?

Virtual Account is basically what it sounds like. When you sign up on a Crypto Exchange they open up a Virtual Account under your name on any said Bank, in this case, ICICI Bank, and when you deposit money in that account the Exchange credits the same in your Crypto Exchange INR Wallet.

But now since ICICI is not providing that support the whole situation is in shambles and people are getting restless. The exchanges did change their Payment Provider to Paytm but the infrastructure of Paytm wasn't robust enough to handle such a quantity of Transactions. So yeah as of right now Instant INR Deposits are not available on most exchanges.

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So it is becoming quite clear that Indian Banks are really trying hard to make things hard for the Crypto Community here in India. But they might be forgetting the fact that we are the same community that survived the whole Banking Ban for freaking Years. So yeah even if you try to Ban us again I am pretty sure the Hardcore Community will stick through all the tough times.

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All this is just taking us back in the race. When other countries are progressing towards regulating them we are still resisting it by playing the ban game.

It's such a pain with what banks are doing right now!