Coinbase CEO Brian Armstrong claimed that the company’s trading business in India was terminated due to “informal pressure” from RBI.
The company launched its crypto trading service in India, where users could purchase crypto tokens using UPI. UPI is a widely used Indian payment infrastructure created by a partnership of retail banks.
Informal pressure from RBI, Coinbase CEO
Brian Armstrong, co-founder and CEO of Coinbase, stated the company deactivated UPI because of the informal pressure from the Reserve Bank of India.
Brain Armstrong said that while praising the decision that crypto trading is not illegal in India. The country has just actually begun to tax it, but the point is that the government there, notably the Reserve Bank of India, does not appear positive about it.
Despite the regulatory obstacles, Coinbase is preparing for a relaunch in the region by offering new payment methods in order to meet the huge demand for cryptocurrency.
India’s first crypto rule
India passed its first crypto rules on April 1, requiring crypto investors to pay a 30% tax on unrealized cryptocurrency profits. However, the decision had a severe influence on the cryptocurrency sector. As a result, trading volumes dropped and in-house firms relocated to more friendly governments.
Binance, a cryptocurrency exchange, has launched three important educational programmes to help Indian investors and students learn more about the crypto and blockchain industry.
Binance further stated that the lack of awareness among Indian authorities and policymakers is presently hampering the mass use of cryptocurrency.
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