Coinbase disabled its support for the Unified Payments Interface (UPI) in India
Cryptocurrency exchange Coinbase disabled its support for Unified Payments Interface (UPI) in India on Sunday, just days after marking its entry into the Indian market with an event on April 7th.
Coinbase disables UPI payments just days after India launch
“Purchases with this payment method are temporarily unavailable. Please try another payment method. Sorry for any inconvenience,” read Coinbase’s mobile application.
Coinbase, the largest cryptocurrency exchange in the US by trading volume, appears to have caught the attention of the National Payments Corporation of India (NPCI) after it said it would allow users to buy crypto using UPI.
“We are not aware of any crypto exchange using UPI,” said an April 7 statement by NPCI.
UPI is a real-time payment system developed by NPCI to facilitate mobile phone interbank transactions. NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) for creating a robust payment and settlement infrastructure in India.
Statement by NPCI as on 7th April 2022. With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI. Please see attached document pic.twitter.com/lGTcaSLKeC
— NPCI (@NPCI_NPCI) April 7, 2022
Meanwhile, MobiKwik, one of India’s most used e-wallets for crypto transactions, has discontinued the service amid regulatory uncertainty.
“We are aware of the recent statement published by NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms”, Coinbase said in a statement.
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