No one had any hint that bitcoin will decline the use of the currency money system, which is regulated by the banking authorities. Yes, bitcoin and other digital currencies have been proved as the rival of fiat money because a considerable number of people have shifted to permanent use of cryptocurrencies at the present time. Even if we discuss the trend of bitcoins in India, a massive number of people are obsessed with using digital currency. It is the only reason why developers have launched domestic-based exchange platforms for the convenience of users in India.
The key motive for offering these exchange platforms was to offer ease so that users can simply use their relevant mode for payment without facing any kind of hassle. But lots of complaints have been reported in which the users mentioned the disappointment of not able to get a smooth service by these platforms even after doing 1K Daily Profit
What Kind of Problem Is Faced by Users?
Yes, some of the exchange platforms are not able to provide the relevant service, which is letting investors miss a chance to buy or sell the digital currencies at the right time. There is no other alternative than accessing these exchange platforms if one wants to manage their bitcoins. India has some very fantastic exchange platforms such as Coinswitch, WazirX, and many more. The property that makes these platforms different from other platforms like Binance, which offers a global service, offers a service to a limited number of users. When this limit get exceeds, these exchange platforms start facing downtime, which disappoints the users.
The Indian crypto investors are badly disappointed by the change because they are not able to invest anymore in the bitcoins, and the worst part is the Indian payment modes are not serviceable over there. The essential use of crypto exchange platforms is to transfer the payment by converting it from fiat money to a form that is acceptable by the platform. The users have claimed that they are not able to deposit money in the exchange platform, which is not letting to proceed further over there. The issues were reported after some of the banking institutions refused to offer service for bitcoin-based transactions. It might have occurred because the Reserve bank of India announced imposing the ban on cryptocurrency-related transfers.
Although the Supreme Court reacted to the ban and mentioned that the crypto transaction will still go on without any kind of obstacle. Still, some of the banking partners with exchange platforms are not ready to offer a service which is creating a problem for the investors. You would be aware of the fact that bitcoin is a highly preferred digital currency as people mainly have a high proportion of this digital currency in their portfolio how it would be possible for them to sustain the flow of digital currencies across various investors if there will be unavailability of service by the exchange platform.
Actually, the issue commenced when some of the users of the WazirX platform complained about the non-working of the payment system. The WazirX is considered a very innovative exchange platform for Indians, and everyone was shocked about how such an issue can occur on this platform. Earlier, this type of issue has not been reported, making people more uncertain as they think they will lose access to their bitcoin and other cryptocurrencies permanently. But the CEO of WazirX tweeted that their team is working best to deal with this issue, and if users want to avail themselves of another service, they are welcome at the platform because only this service is going through downtime.
It had been few weeks since an issue on the exchange platforms was reported in the last week of April 2021, and the company tweeted about bringing it to the normal state within a week. But there is no update about this till the 10th of May. Yes, the users are still facing the same problem of making a transfer for buying cryptocurrencies. The absence of structured regulations for monitoring the bitcoin might be an issue for such delay in service correction. The finance ministry should take action to deal with it by implementing the regulations for cryptocurrencies.
