May 25, 2022

The National Payments Corporation of India, the governing body overseeing UPI in the country, said in a statement on Thursday evening that hours after global giant Coinbase launched the service launched in the country, any person using the UPI payment tool is unknown to him. . cryptocurrency exchange. UPI support.

The voluntary statement from the payment agency highlights why other cryptocurrency exchanges in India are experiencing issues with UPI support on their platforms. Cryptocurrency is not illegal in the South Asian market, but India’s central bank insists virtual digital assets need more attention. India’s Supreme Court overturned the Reserve Bank of India’s ban on cryptocurrencies more than two years ago, but banks tend to remain in the hands of the central bank.

At India’s first event in Bangalore on Thursday, attended by several top executives including Coinbase CEO Brian Armstrong, the global giant announced it was launching a cryptocurrency trading service in the country. The company’s app of the same name allows users to buy cryptocurrencies using UPI, which is the most popular online transaction method among Indians.

Coinbase, an investor in Indian crypto exchanges CoinSwitch Kuber and CoinDCX, did not disclose the name of its banking/fintech partner. The NPCI statement seems to suggest that UPI is still not a good fit for a cryptocurrency in India.

Coinbase did not immediately comment.

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