Coinbase CEO halted UPI payments following "informal pressure" from RBI
Coinbase CEO, Brian Armstrong, spoke about abruptly halting Unified Payments Interface (UPI) payments in India and its recent run-in with the Reserve Bank of India (RBI). UPI payments are the most popular mode of transferring money digitally in the nation.
Coinbase faced "informal pressure" from RBI
Armstrong talked about halting UPI payments at the earnings call of Coinbase crypto exchange to discuss the first quarter financial results on Tuesday. The firm introduced UPI payments in India and was forced to stop in just three days. Following Coinbase, CoinDCX, the first crypto firm in India to achieve unicorn status, also stopped UPI payments."So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there," he said at the time. "India is a unique market, in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at the Reserve Bank of India, who don't seem to be as positive on it."
Coinbase CEO said that the authorities, including RBI, are "applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI."
Not done yet
Interestingly, Coinbase has confirmed that it will continue to expand internationally, although it is not fully sure how other nations will receive the decision."Now the press is talking about it in India….there are meetings happening that are going to talk about how we get to the next step. So that's generally our approach with international expansion," Armstrong revealed in its statement.
India has been raining heavily on crypto recently as authorities are also considering imposing 28% GST on cryptocurrencies after a 30% capital gains tax and 1% TDS.
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