NEW DELHI: Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using a widely-used state-backed transfer system, spurring users to voice concern on social media.
India has spent years on a law to ban or regulate cryptocurrencies, with its central bank backing a ban over their threat to financial stability, but a recent decision to tax income from them suggests acceptance by authorities.
The decision follows a one-line statement last week by the National Payments Corporation of India saying, it was not aware of any crypto exchange using its United Payments Interface (UPI) framework, which eases bank transfers.
On Wednesday, CoinSwitch’s app was not allowing users to load deposits, while rival exchange WazirX said on Twitter, “UPI is not available,” adding that it had no estimated time to fix the issue with UPI deposits.
“You have closed the INR deposit without any information. At least let us know how long it will be closed,” a Twitter user, Avijit Debnath, asked CoinSwitch on the social media platform.
An industry source with direct knowledge of the matter said the decision by CoinSwitch to halt UPI acceptance resulted from “regulatory uncertainty” after the NPCI statement.
The companies did not immediately respond to a Reuters request for comment.
The NPCI did not immediately respond.
India decided in February to tax income from cryptocurrencies and other digital assets at 30 percent, signalling that authorities accepted digital currencies, but uncertainty over regulation has weighed on the industry.
In October, CoinSwitch said it had raised more than $260 million for a valuation of $1.9 billion, underscoring the rise in popularity of crypto trading.
No official data is available on the size of the Indian crypto market, but industry estimates suggest investors number from 15 million to 20 million, with total holdings of about 400 billion Indian rupees ($5.25 billion).
India’s crypto exchanges block deposits via state-backed system, stir alarm
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India’s crypto exchanges block deposits via state-backed system, stir alarm
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
