Crypto exchange Coinbase is withdrawing from its move to provide services to India, citing heavy pressure from the central bank of India.
Recently earnings callCoinbase CEO Brian Armstrong said the exchange had to go out of service in India despite a previous Supreme Court decision. control The country has overturned the ban on crypto trading.
“We launched Coinbase in India on April 7th. This includes fiat entry into the cryptocurrency economy. There is a lot of interest in cryptocurrencies among Indians. So we’ve integrated something called the Unified Payments Interface (UPI)…
A few days after launch, unofficial pressure from the Central Bank of India, the Ministry of Finance, led to the deactivation of the UPI. And India is a unique market in that the Supreme Court has ruled that cryptocurrencies cannot be banned.
But within the government, including the central bank of India, there are things that are not positive about this.”
Armstrong said Indian authorities could use soft pressure behind the scenes to engage in a “shadow ban” or prevent certain payments from using the UPI system. Despite the setbacks, he said he hopes the exchange will improve operations as soon as possible.
“But I think our preference is to really work with them and focus on relaunch. I believe there are multiple paths that require you to start over with a different payment method. And that’s the default path forward.
So my hope is to live in India again in a relatively short period of time, along with many other countries where we are similarly pursuing international expansion.”
Coinbase launched massive hiring last month to quadruple its workforce in India, the world’s second most populous country.
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