Coinbase Halts UPI Payment In India Just After Launch

Barely four days into opening a trading service in India, cryptocurrency firm, Coinbase has discontinued functionality for the UPI payment option on the Coinbase app, rendering exchange non-operational for any buy orders currently.

When Indians try to buy any of the tokens offered on the app, they are told that the UPI payment option is “unavailable.” Although the app encourages users to experiment with other payment methods, it doesn’t allow other payment methods.

UPI Payment Option Disabled

The NPCI (National Payments Corporation of India), in charge of the Unified Payments Interface (UPI), stated after the launch of Coinbase that no crypto exchange is using the UPI payments tool. The company added in a statement issued later that it was dedicated to cooperating with the NPCI and relevant authorities to experiment with alternative payment options. The UPI option is the most common way Indians carry out online transactions.

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NPCI’s comments seem to imply that the UPI option is still out of the question in India when it comes to cryptocurrency. South Asian markets do not have a ban on cryptocurrency, but the Reserve Bank of India believes that virtual assets need additional examination. Although the RBI’s prohibition on cryptocurrency was overruled by the country’s Supreme Court more than two years ago, banks, for the most part, continue to stand with the reserve bank.

The brawl occurs at a period when India’s recent law on crypto income, which taxes it at a rate of 30 percent, has taken effect. Although India seems to be legitimizing cryptocurrency, the country’s financial institutions are still finding it hard to embrace it. By establishing a physical foothold in the country, Coinbase hoped to strengthen its position, where it employs over 300 workers and invests in numerous local cryptocurrency businesses, such as CoinDCX and CoinSwitch Kuber.

Coinbase co-founder Brian Armstrong stated last week that the company was placing a long-term wager on India with hopes to increase its user base in the country to 1,000 before the end of 2022. There has been no news of when the UPI payment option will be added back to the platform as Indian users have to make use of other payment options available.

Other Crypto Firms Explore The Indian Market

FTX, a newer cryptocurrency exchange firm that is quickly becoming a significant competitor to Coinbase, has begun to grow its digital presence in India in recent months. According to some sources, the company’s venture division is in discussions with a small number of startups around the nation. According to a story published last week by TechCrunch, the company also has plans to invest in the Indian fantasy sports company MPL.

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