Coinbase recently launched its services in India and added a UPI option to add fiat to the user wallet. However, just 3 days after the launch, the NPCI halts the UPI payments option for Coinbase. The platform has also halted buy orders in the country after the same happened. If you try to buy any crypto from Coinbase right, it will inform you that the UPI option is unavailable.
Coinbase faces hurdles to operate in India as NPCI halts UPI payments option for Coinbase
Recently, the NPCI made a statement that it is not aware of any crypto exchanges in the country using UPI. This is because they have not been allowing the use of the same. Back in 2021, there were times when even Indian exchanges were finding it difficult to integrate any payment option on their platform. After the statement, a spokesperson from Coinbase said that they are currently working with many payment methods to make it easy for their customers to make crypto purchases. And one of those methods is the UPI.
The spokesperson also said that it is aware of the statement made by NPCI and is going to work with them to fulfill any requirements. However, it is unlikely that Coinbase is going to bring back UPI. This is because Indian exchanges have been struggling with payment options for years now.
The worst part is, with Coinbase facing such issues, other popular crypto platforms might reconsider their decision to enter India. As users, we will have fewer options in terms of the platforms we like to use to buy, sell, and trade crypto. Let’s see how long Coinbase takes to come up with an alternative payment option.
The problem with India
Even though I am no expert on political matters, it is clear that the RBI and authorities still don’t understand Bitcoin, or maybe they don’t want to. The anti-crypto stance of RBI stands tall even after the supreme court lifted the ban in 2020. And the NPCI doesn’t allow the use of the most popular payment method (UPI) on crypto exchanges. These are just different ways of discouraging crypto businesses entering India and users from dabbling in the same.
What are your thoughts as NPCI halts the UPI payments option for Coinbase? And do you think this will stop the exchange, or will they come up with an alternative payment method? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.