Elon Musk is taking Dogecoin to moon but Indian cryptocurrency enthusiasts face earthly problems such as trading platforms unable to perform fund transfers among others.
Many cryptocurrency punters were unable to trade on India’s largest cryptocurrency exchange by volume, WazirX, owing to fund transfer issues. Many users of the platform took to social media to complain about the problem.
WazirX said the issue in depositing funds is due to a network issue at banking partners’ end.
“Due to a network issue at our banking partner’s end, some of you might get error while depositing INR. We’re working with them to solve this ASAP. NOTE: Funds are safe,” WazirX said in a statement.
It promised to credit the debited money to users’ account without any delay.
“If your money has been debited from your account, it WILL be credited to your account ASAP,” it added.
The issue was highlighted by several traders who wanted to build positions ahead of Elon Musk’s Saturday Night Live (SNL), a comedy show on US television. Musk, the CEO of Tesla and SpaceX, has been talking up the price of the cryptocurrency which started in 2003 as a joke. Its value has jumped 20,000% in the past year, according to CoinGecko. However, the Dogecoin dramatically retreated 28% from higher levels as Musk at one point admitted to one of the anchors that the cryptocurrency of choice for millions of investors was a “hustle”.
Nischal Shetty, the founder of WazirX, in an earlier thread explained that payments can get stuck at three levels in a crypto exchange: exchange level, where in the exchange tries to credit the money within a few hours; payment processor: anywhere from 1 day to 7 days; Banking partner: anywhere from 1 day to 14 days.
He explained that payments getting stuck at payment processor and banking partner levels “is not a crypto industry issue.”
“It’s how errors happen in traditional finance and the resolution time is standard across industries,” he added.
He further added that payments failing at these levels was akin to making a failed purchase and the money gets gets refunded to the buyer’s account if it deducted. Such payment failures are “not in our control”.
“The only thing we can do is follow up with payment processor or banking partner. And due to the way entire traditional financial sector operates, they do need time to resolve these,” he added.
