Crypto punters vent online over WazirX payment snag

Considering that Saturday morning many traders couldn’t place bets on India’s largest crypto-currency trade WazirX as they were not able to transfer funds to the bourse.Annoyed punters took to societal websites and reached out to the exchange, WazirX which stated that the delay in accepting funds was due to a”network issue at our banking partner’s end.” It promised the money that has been debited from traders’ accounts would be credited back ASAP. ‘Your funds are safe,” assured the exchange.A number of traders in India were keen to build new positions in the run up to Tesla chief and crypto supporter Elon Musk’s appearance on’Saturday Night Live’ (SNL) a sketch comedy show on US television. “But, in a sense it was a blessing in disguise. Traders everywhere had believed that Musk would talk up Dogecoin (a few of the hottest crypto-currencies). Actually, lots of them were protected from a remarkable dip in the worth of Dogecoin after Musk called Dogecoin a”hustle”,” said Anirudh Gotety, a Mumbai-based commercial lawyer.While the payment snag may have saved some of the traders on the WazirX platform – with Dogecoin falling 28% after Musk spoke – the weekend developments were a reminder of the problem brewing between the cryptocurrency sector and banks in India.According to an early message – a screenshot of which was shared by an investor – the exchange said there was a”delay in Paytm Payments Bank residue”. Later in the day, the exchange removed the reference to the payment bank, and the message was changed to”delay in IMPS (prompt payment service) residue from banking partner’s end. “Read: Thanks to crypto curbs, India missing out on multiple $50-100B listed firms, says Binance CEOWith ICICI Bank stopping payments for crypto-currency traders, most traders and investors at WazirX have been using payment options like NEFT, RTGS and IMPS to transfer funds to a payment processor firm which has an account with Paytm Payments Bank. The payment firm, a third-party, acts as an aggregator processing the investor fund flow at WazirX.A spokesman for Paytm Payments Bank strongly denied that there was any technology issue. “Our in-house technology infrastructure is one of the finest in the entire world and is one of the key causes of its dependable and long-term relationship that we have with our partners. We would like to confirm our systems are running smoothly and there’s not any problem with any of those transactions. All our users, clients and merchant partners continue to experience seamless and effective payment settlements,” said the Paytm official.Asked whether Paytm Payment Bank (like ICICI) was planning to stall payments linked to crypto trades, the Paytm spokesman did not comment. “While traders can withdraw their money from WazirX in their bank accounts or exchange from cash that has been left in pockets, hurdles in adding new funds to continue routine trading could affect the development of this crypto business in India,” explained Gotety.While the local umbrella figure National Payments Corporation of India (NPCI) hasn’t blocked fund moves for crypto-currency transactions, half of a dozen major banks in India, such as ICICI and Axis, have restricted payments connected to crypto transactions. Crypto exchanges fear that when more banks — driven from the belief that cryptos don’t have the blessings of RBI — change off payment choices, cryptocurrency holders may find it tough to exit.According to a market observer, yet another trade ZebPay recently told investors that the trade ’s Assets bank account details might transform and a follow up email with new account details could be sent.The crypto currency industry in India is knocking at the doors of their government, regulators and attempting to mobilize assistance in the social websites. On Sunday, WazirX COO Siddharth Menon tweeted,”Please do not use UPI for residue. Axis Bank doesn’t encourage (the) Crypto network, therefore they’ve disabled the UPI support for crypto company, dismissing Supreme Court’s verdict. We’ve ever removed this choice from our program. Reach out to some banks & request them to encourage one; Crypto users. ”Please do not utilize UPI for deposits.Axis Bank doesn’t encourage Crypto community, therefore they’ve disabled the UPI service… https://t.co/oz1Z81AIAF— Siddharth ( WazirX ) (@BuddhaSource) 1620544316000IndiaTech. Org, the industry body representing engineering startups and shareholders has suggested a framework to regulate and mitigate dangers of cryptocurrencies while researching their potential.

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