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Cryptocurrency exchange Coinbase suspends service in India

Nasdaq-listed crypto exchange Coinbase has revealed that it has halted operations in India a few days after its launch due to “unofficial pressure” from the country’s central bank, Reserve Bank of India (RBI), CEO Brian Armstrong said.

Coinbase Global provided an update on its operations in India on Tuesday, specifically on why it suspended its Indian crypto service a few days after its launch.

Coinbase launched in India on April 7. Armstrong went to India to launch. At the time, the company said users could use the UPI (Unified Payments Interface) system to buy cryptocurrency on the platform. However, the company disabled the UPI option a few days later.

There is a lot of interest in crypto in India,” said CEO Brian Armstrong. So we integrated with the so called UPI. And this is a great example of our international strategy.” He further explained:

A few days after launch, we were forced to disable UPI because of some informal pressure from the Reserve Bank of India.

Armstrong noted that what the RBI is doing has been described by the media as an “implicit ban”. They are essentially applying pressure behind the government to try to disable some of these payments, possibly through UPI.

The cryptocurrency situation in India has become the most controversial legal “hotspot” since the beginning of 2022. Especially since the finance ministry started imposing a 30% tax on all income generated from it. crypto, the main reason for the drop in domestic trading volume “without brakes”. In addition, the Indian government is considering imposing an additional 28% tax on all cryptocurrency transactions.

However, the Coinbase CEO added that his company still will not give up his determination to return to India in the near future by other reasonable payment launch ways because Coinbase itself is pursuing an expansion strategy. to many similar international regions.