What happened was as follows
While making its debut in India, Coinbase announced last week that it was working on integrating UPI (Unified Payment Interface) for all users. The development occurred today, after India’s central bank division stated that it was not aware of any cryptocurrency exchange using UPI payments instruments.
In the Coinbase app, there is no buy option for selling using the Immediate Payment Service (IMPS)
In response to the NPCI statement, a Coinbase spokesperson previously stated, “As we enter the Indian market, we are experimenting with a variety of payment methods and partners to make it easier for our customers to purchase cryptocurrency. This includes UPI, a simple and quick payment method.”
It’s critical to understand why this is important: UPI has recently grown rapidly and is now one of the most widely used payment methods for Indians throughout the country. According to NPCI data, UPI processed $1.09 trillion in payments in the fiscal year 2021-22.
Regulatory stumbling blocks are not uncommon for Indian cryptocurrency exchanges in general, but this was Coinbase’s first encounter with one of these impediments. Despite the country’s strong opposition to the decision to allow cryptocurrency mining and trading, the Indian government is attempting to regulate the use of digital assets in the country.
Bitcoin was trading at $42,122 as of this writing, while Ethereum was trading at $3,168; both were down about 1% in the previous 24 hours.
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