Coinbase Halts UPI Services in India Three days After Launch

Updated:

Only three days after launching a trading service in India, with support for the Unified Payments Interface (UPI) instrument, Coinbase pulled the plug on the new service after disabling the function on Sunday.

That said, customers can sell their assets through the IMPS (Immediate Payment Service) on the Coinbase App.

Coinbase launched the trading service in India on April seven in an event attended by CEO Brain Armstrong, where the firm asserted UPI support. However, after a few hours of the event, the National Payments Corporation of India (NPCI) took to Twitter, noting that it was “not aware of any crypto exchange using UPI,” and attached an official statement.

The NCPI is a small-scale payment and settlement system under the Reserve Bank of India and has been vocal in its opposition to crypto payments. In 2018, the organization issued an order to banks to suspend offering banking services for crypto transactions. While the Supreme Court of India overruled this directive in 2020, calling it illegal, banks have not resumed offering services for crypto transactions ever since.

Coinbase to Consult NCPI on Way Forward

Commenting on the development, a Coinbase spokesman told TechCrunch:

“We are aware of the recent statement published by NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms.”

Last week, Armstrong announced that his company plans on hiring 1,000 Indian employees in 2022 alone. The CEO also announced that Coinbase would host two events on April 7 and April 8, which discussed the future of cryptocurrency and Web3 in India, respectively.

 

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.