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Coinbase Disables UPI Service in India Amid Regulatory Pressure

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Coinbase on the tablet and phone display

Cryptocurrency exchange Coinbase has blocked its payment services via United Payments Interface for Indian users after the regulator’s feedback on the same.

Source: Cointelegraph

BTCUSD is down -0.26%

The National Payment Corporation of India, the body governing UPI, remarked that it did not recognize the legal standing of any cryptocurrency exchange using the platform.

Coinbase says that it will address the situation with the regulator reiterating its commitment to cooperate with NPCI to remain aligned with local policies.

The largest exchange by trading volumes has asked its users to try using Immediate Payment Service for sell orders instead.

The Indian administrators are yet to establish a proper crypto regulatory framework since attempting a complete ban last year. The country has since introduced a 30% tax on the asset class, an amount same as that charged in gambling.

UPI is a payment portal supervised by the National Payment Corporation of India, which enables buy orders on Coinbase’s India services.

 

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