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Coinbase Halted India Service Due to Pressure from Central Bank

  • Coinbase allowed purchase of crypto in India via UPI in April
  • India is yet to finalize regulations governing crypto assets
Brian Armstrong

Brian Armstrong

Photographer: Samyukta Lakshmi/Bloomberg

India’s central bank applied “informal pressure” on Coinbase Global Inc, preventing the exchange from facilitating purchases of crypto assets through the country’s online retail payments system, chief executive officer Brian Armstrong said on Tuesday.

 “So few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India,” Armstrong said at an earnings call after the company’s first-quarter results. India’s United Payments Interface in a central bank-backed system that facilitates real-time transfer between bank accounts.