Coinbase’s services have been suspended due to pressure from the Reserve Bank of India.
According to Bloomberg’s report, the Reserve Bank of India has stopped the process of purchasing cryptocurrencies through the country’s online retail payment system.
According to Coinbase CEO Brian Armstrong, the company was unofficially pressured by the Reserve Bank of India after launch. As a result of this pressure, the exchange had to disable the UPI (Universal Payments Interface).
UPI is a system developed in India with the aim of creating a bridge between digital assets and fiat currencies. This system was previously supported by the country’s central bank. Bloomberg also stated that the central bank declined to comment on this issue.
Coinbase expanded its operations in India in April using a government-sponsored payment interface. With the system backed by the central bank, users can pay in rupees and buy cryptocurrency legally.
Coinbase stated that they have not withdrawn from the Indian market and that they want to resume their activities in a short time.