America’s largest exchange, Coinbase suspends some payment services a moment after launching in Indian
It is due to pressure from the local payment regulators.
The largest US-based crypto exchange Coinbase has stopped payment services through United Payments Interface (UPI)
The platform stops for Indian users just three days after its launch in the South Asian subcontinent.
The UPI is the payment portal governed by the National Payment Corporation of India (NPCI)
The platform facilitates buy orders on Coinbase’s India services.
The exchange has already updated its payment method information on its website for Indian users
As a result, the users to try Immediate Payment Service (IMP) to place sell orders.
The NPCI is a special division of the Reserve Bank of India (RBI), under the Ministry of Finance.
Financial news reported that Coinbase will work to remedy the situation in India
With the appropriate regulators and that it was
“committed to working with NPCI and other relevant authorities to ensure that we are aligned with local expectations and industry norms.”
Furthermore, the NPCI said that it did not recognize the legal standing of any crypto exchanges using the RBI’s United Payments Interface (UPI)
Even after Coinbase announced the release of its services.
The Indian government struggle to adopt a suitable regulatory framework for crypto
That is for market participants have endured several moments since last year
Where it looks like crypto may be ban in the country.
Some Indian officials such as T. Rabi Sankar, deputy governor of the Reserve Bank of India, would support a full ban.
However, no such ban has yet occurred as the country enacted a 30% tax on crypto trading on March 31 which is similar to its tax on gambling.