Ever since the cryptocurrency market started to dip down, the apps that permit users to purchase or sell digital currencies have been facing issues. The apps are having difficulties for Indian users and also for those section of people who have invested in currencies including Bitcoin, Dogecoin, Ethereum, Cardano, and plenty others. The prime reason could be the scarcity of regulation by some payment gateways and particular banks which is directly affecting all the users to not avail the facility. There is a kind of nervousness among the investors regarding the lack of support for the app which could affect the market in future.
Paytm Withdraws Support From Cryptocurrencies App:
Viewing the issues that the cryptocurrencies app are facing currently, the government has announced that soon there will be a whole panel of experts having expertise in cryptocurrency precisely. It would be the first crucial step from the government for the cryptocurrencies market in India. By taking this step, the government might come the regulation of the currency market on track and the investors would also not face the issues that they are experiencing nowadays. However, investors are predicting that the implementation of this said will take some time.
Speaking of the banks or the payments modes that have withdrawn their support from cryptocurrency apps Paytm comes above the list. The largest mobile payment platform of India Paytm (Pay through mobile) would not allow the investors to make any transaction for the cryptocurrency from now as it sidelined itself along with its support. The online payment platform will not allow the three cryptocurrencies trading apps’ users to make any transaction. Yes, WazirX, CoinSwitch Kuber, and ZebPay have themselves taken the responsibility to inform their users about the sudden withdrawal.
Paxful’s Founder Welcomes Government’s Plan:
The cryptocurrencies applications have shared some alternate methods using which the transaction can proceed. However, what caused Paytm to withdraw its support is not known yet. There could be any reason but the official statement from the creators haven’t gotten revealed yet. Artur Schaback, the founder of the cryptocurrency trading platform Paxful has shared his views regarding the mentioned issue. He has stated that the idea of introducing a panel of experts in cryptocurrency is undoubtedly a good decision.
The founder has shared that this step will take the country towards the benefit and would give the investors to explore in deep about the cryptocurrency market and thus rising its economy. Besides the government, some other stakeholders, investors and policymakers are also shifting their concern in the rising market of digital currency. According to the Paxful reports issued in December 2020, India holds the position of the second-largest Bitcoin market in entire Asia while it has the sixth biggest market in the world. The country is only behind the top 5 countries including the USA, China, UK, Nigeria, and Canada.