Home
News
- Coinbase rolled out crypto trading services for Indian citizens facilitating customer use of UPI.
- But the governing body of UPI has said something in contrast to this, which comes to a halt to the services by Coinbase.
- The Reserve Bank Of India (RBI) has constantly warned the citizens against the asset class, and the country has not yet officially accepted crypto.
But NCPI Is Not Aware Of Any Crypto Exchange?
The National Payments Corporation of India (NPCI), the governing body that oversees India’s Unified Payments (UPI), recently highlighted that it is not aware of any cryptocurrency exchange using the platform.
This came hours following Cinbase saying that they can use its services to buy and trade cryptocurrencies.
Nasdaq-listed Coinbase exchange launched the crypto trading services in India, facilitating its customers to use UPI, which is the most popular medium among Indians to transact digitally.
But the National Payments Corporation of India (NPCI), the platform operator which processed over US$1 trillion in fiscal 2022, has refused any association. And according to a press release, it highlighted that NCPI would like to clarify that they are not aware of any cryptocurrency exchange utilising UPI.
Following the release, Coinbase informed users via the support page that it won’t be able to provide transactions based on UPI. The support page has been taken down since then.
Earlier, the exchange’s CEO and Co-founder Brian Armstrong highlighted that it plans to employ 1,000 employees in India in 2022, which is a further step with the already existing 300 staff at its tech hub in the country.
India is among the countries which are still sceptical about cryptocurrencies. And the Reserve Bank Of India (RBI) has constantly warned the citizens against the asset class. It also made the financial institutions cautious about providing any services related to it. It is to see what
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
