By Nathan Ferguson
Coinbase, the biggest crypto exchange in the United States, has halted payment services via UPI (United Payments Interface) for consumers from India only three days following the launch thereof in the South Asian region.
The UPI is known as the payment portal under the governance of the NPCI (National Payment Corporation of India) which offers purchase orders over the India-based services of Coinbase. The exchange has in advance made progress into the payment method on the official website thereof for Indian consumers, which persuades the customers to utilize IMP (Immediate Payment Service) to perform their sell orders.
The NPCI counts to be an exceptional section of the RBI (Reserve Bank India), under the country’s Finance Ministry. As per the report of Business Standard (a local outlet for financial news) on 11th April, Coinbase mentioned operating to rectify the condition in India by consulting the adequate regulators to fulfill its commitment to move ahead in line with the NPCI as well as the rest of the relevant establishments to guarantee that they achieve the expectations of the local community as well as the industry norms.
On 7th April, it was expressed by the NPCI that no legal approval has been yet given on their behalf for any of the crypto exchanges to utilize the UPI of the Reserve Bank of India even following the declaration of Coinbase to initiate its services in the country. The sudden suspension may have been caused by the comment that to clarify the confusion made by the media reports regarding the crypto purchase via UPI, the National Payment Corporation of India does not know of even a single crypto exchange that utilizes UPI.
The Indian consumers of Coinbase have not seemingly been affected by the abrupt stop of the service. Aditya Singh, a YouTube channel named Crypto India’s co-founder shared a Twitter post to 210,000 followers thereof on 11th April, stating that the respective move is not a unique one as the crypto exchanges in India have additionally been undergoing issues related to payment service since 2018.
That is why the crypto traders from India are habituated to the instability in the accessibility of trading services. The government of India has endeavored to utilize an appropriate regulatory agenda for crypto because several problems have been endured by the market members since the previous year, indicating that there might be enacted a prohibition over crypto across the country.