On April 7, Coinbase’s launch in India appears to have failed only hours after the exchange announced the launch at an event in Bengaluru, India’s IT hub.
UPI is a popular instant real-time payment system that allows peer-to-peer and person-to-merchant transactions and is regulated by India’s central bank, the Reserve Bank of India (RBI). The platform is operated by the National Payments Corporation of India (NPCI), an umbrella organisation in India that operates retail payment and settlement systems.
The National Payments Corporation of India (NPCI) is a joint project of the Reserve Bank of India and the Indian Banks’ Association (IBA). The RBI has made no secret of its distaste for cryptocurrencies, including asking that they be fully prohibited in India—hence Coinbase’s usage of UPI drew some attention.
At the event in Bengaluru, Coinbase Chief Product Officer Surojit Chatterjee explained in detail how utilising UPI will be the initial step for Indian nationals wishing to acquire crypto on its platform, and Coinbase CEO Brian Armstrong said, “India has demonstrated a great willingness with UPI.”
