Just three days of spreading its wings in India, Coinbase had to block payment services using the United Payments Interface (UPI) on its platform for users of the country.
For information, UPI is a payment portal overseen by the National Payment Corporation of India (NPCI), a special unit of the central bank of India (RBI) under the supervision of the Ministry of Finance.
The presence of UPI makes it easy for users to trade crypto on Coinbase.
But NPCI suddenly confirmed that they have not approved the operation of any crypto exchange that uses UPI even though Coinbase has launched the service.
Although Coinbase India users did not dispute the incident, the platform had earlier taken steps to clarify the situation under Indian law.
Coinbase India has also updated information related to payment methods, asking its users to use the Immediate Payment Service (IMP) for trading activities.
Apparently, this problem is not a new issue.
According to the co -founder of Youtube channel, Crypto India, Aditya Singh, this issue has been a must in the industry since 2018.
It is fitting that crypto investors in India remain calm.
Undoubtedly, India has long struggled in reaching an agreement in applying an appropriate supervisory framework to the crypto market thus inviting the question - is crypto banned or not in India?
Although the majority of the Indian government has called for full sanctions against India, until now there has been no definite answer.
Clearly, India has already implemented a crypto tax of 30%, along with an additional tax of 1% starting March 31.
