Coinbase admits RBI's use of informal pressure prompted halting of trade

The comments by Coinbase's Armstrong bring forth the challenges that the crypto industry is facing

Within days of announcing its launch in India with much fanfare, Coinbase has halted payments via united payments interface (UPI) on its app

The crypto industry in India has been facing an uphill task as the regulatory body has time and again stated its distrust in the business.

Shivani ShindeSubrata Panda Mumbai
The tussle between India’s apex financial institution, the Reserve Bank of India, and the crypto industry is finally out. Brian Armstrong, co-founder and chief executive of Nasdaq-listed Coinbase, said the company disabled UPI payments from its platform due to informal pressure from the RBI.

Armstrong also stated that the RBI and government had been applying soft pressure to disable some of these payments. “India is a unique market in the sense that the Supreme Court has ruled that it can't ban crypto, but there are elements in the government there, including at the Reserve Bank of India, who don't seem to be as positive on it. And so they -- in the press, it's been called a "shadow ban" --

First Published: May 11 2022 | 7:07 PM IST

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