Coinbase, an American exchange that deals in cryptocurrency, paved its way in India Market in April 2022. During the launch, the CEO of coinbase was optimistic about the launch of the Nasadaq’s listed firm. He also pointed out that, trading in crypto was not illegal in Asian countries but also obliged that, there are elements in the trade that are not accepted by RBI.
On 7th of April,2022 Coinbase launched its operations in India at a crypto community event in Bengaluru. The venture already invested around $150 million in home-grown Indian Technology companies that are functioning in the crypto market and web3 space.
Ms. Nirmala Sitharaman the Union Finance Minister also announced 30% tax deductions from crypto earnings and 1% deduction towards TDS.
Since, the government was a little apprehensive in regard to some of the elements of trading in crypto, they did not let Coinbase launch the UPI set up in India.
Mr Brian Armstrong the Co-founder of Coinbase explained that UPI services where disabled in India due to informal pressures from Reserve Bank of India.
Why did the Government impose shadow-bans on UPI system of Coinbase?
The Government of India realises that UPI or Unified Payments Interface is the most sort out payment method used by the citizens of India for each and every kind of transaction. It also realises that UPI is the country’s largest retail payment platform in terms of transaction volume. Using UPI for cryptocurrency will require a lot of effort from their end to govern the transactions, trace them out and keep UPI related crimes at check. Not only that but also, the government of India and RBI feels that dealing in cryptocurrency is not completely legalized in India.
How did Armstrong react to the ban?
Picture Credits – Newsweek
Armstrong feels passionate about getting the business to India. He surely believes that UPI is not the only method for him. He believes, that there are supposedly many other methods to launch the payments method in India. Armstrong also looks keen in solving the issues with the government and RBI and focus on relaunching the platform in India with UPI. Since, the people in the country are showing a generous interest in crypto currency and the process of trading crypto currency, it is for sure that Coinbase has a huge market to capture in India and only time will tell if Coinbase successfully captured Indian crypto market or not.
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