Coinbase, the popular US-based crypto exchange, which launched its services in India last week, has suspended support for UPI payments, as the National Payments Corporation of India (NPCI) issued a statement on 7 April, In which it refused to recognize Coinbase’s UPI-linked crypto. -Facility to buy. Coinbase responded to the NPCI statement saying that the crypto trading platform is committed to complying with the rules and regulations of India. Customers of crypto exchanges in India are currently unable to buy cryptocurrencies via UPI as a payment method with a ‘Currently unavailable’ error on the display.
The removal of UPI appears to be a worrying sign for Coinbase users in the country, although the app currently urges users to try an alternative payment method, the app does not support any other method for making purchases in the country. To sell crypto, however, the app does still support Instant Interbank Transfer through IMPS.
Coinbase partners with Indian mobile wallet firm MobiKwik To offer UPI payments in the country. Although UPI is not specifically prohibited from being used to buy cryptocurrencies, firms generally want to avoid any conflicts on the issue with regulators, as banks engage with crypto industry players due to regulatory uncertainty. hesitate to.
Brian Armstrong, Co-Founder and CEO coinbase, who took the stage at the event, announced that the company was making a “long-term investment” in India. Armstrong posted an earlier India Focused Blog Where he said, “Coinbase Ventures has already invested $150 million (approximately Rs 1,132 crore) in crypto in Indian technology companies and web 3 place. With India’s world-class software talent, we believe crypto and Web3 technology can help accelerate India’s economic and financial inclusion goals.”
Meanwhile, the Indian government is taking a cautious approach to the emerging digital asset sector, but positively does not plan to ban the industry. With effect from 1st April, 30% tax is being deducted from any profit generated through crypto trading in India, with one percent TDS on every crypto transaction. Failure to comply with the new tax norms could lead to violators In prison for seven years.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.