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Wednesday, August 10, 2022

Coinbase Suspended Crypto Payment Services In India

Coinbase, the largest crypto exchange that is based in the United States, has withdrawn its services of payments through the United Payments Interface (UPI) for the users of India particularly on its platform. This action was conducted after Coinbase launched the company in the subcontinent of South Asia. 

Coinbase Suspended The Payment Services Due To Pressure From Local Regulators

The UPI is the portal of payment administered by the National Payment Corporation of India (NPCI), which helps in the buy orders on the India services of Coinbase. The method of payment information has already been updated by the exchange on the website of Coinbase for the users of India, thus, asking them to try Immediate Payment Service (IMP) instead of selling orders. 

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The Reserve Bank Of India (RBI) has a special division which is known as the NPCI and it works under the Ministry of Finance. As per Business Standard, it was stated that Coinbase is trying to find a solution to improve India’s situation with the help of necessary regulators. The company would work together with NPCI and other authorities to make sure that all are connected to fulfill the norms of the industry and local expectations. 

This Thursday, NPCI stated that it is unaware of any legal standing of crypto exchanges utilizing the UPI of the RBI even though Coinbase declared that their services will be released soon. The users in India are not agitated by this sudden interruption in their services. 

In the words of Aditya Singh, the founder of a YouTube channel regarding cryptocurrency in India stated that this issue is old as exchanges in India have been facing problems with payment services since the year 2018. He also joked that gambling applications in India get the support of payment services, however, alienation of crypto exchanges is happening. Coinbase Ventures declared in the previous month that they will invest in the Web3 industries and crypto market in India with an amount of $1million.

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