The U.S. exchange suspended some payment services on its newly launched Indian exchange due to problems with a UPI, a popular payment system in the nation.
The cryptocurrency exchange based in the United States, Coinbase, had to stop the payment services through United Payments Interface (UPI) on its platform a place to buy, sell and store cryptocurrency for users in India.
This happened just three days after its launch in the huge Asian country.
UPI o Unified Payments Interface is a popular real-time instant payment system that enables peer-to-peer and retail transactions. UPI is, in addition, the payment gateway governed by the National Payments Corporation of India (NPCI), which facilitates the purchase orders in the services of Coinbase is an American company that operates a cryptocurrency exchange platform. in India. For its part, the NPCI is a special division of the Reserve Bank of India (RBI), which in turn reports to the Ministry of Finance.
Now, the exchange has already updated its payment method information on its website for Indian users. As of now, it urges users to try Immediate Payment Service (IMP) for placing sell orders.
Search for solutions
The financial news media Business Standard reported today that Coinbase stated that it would work to remedy the situation in India with the appropriate regulators and that it was “committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry standards.”
Vale señalar que el NPCI dijo en un comunicado el jueves que does not recognize the legal status of any cryptocurrency exchange. that uses the United Payments Interface (UPI) ) of RBI even after Coinbase announced the launch of its services with UPI. This is what the NPCI said:
“With reference to some media reports about cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. purchases using UPI, the National Payments Corporation of India would like to clarify that we are not aware of any cryptocurrency exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. using UPI.”
At that time, Coinbase responded with a statement saying that it was actively experimenting with a number of payment methods, one of which was UPI and that it was “committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry standards.”
According to the media, Indian users of Coinbase don’t seem to be bothered by the sudden suspension of the service. The co-founder of the YouTube Crypto India, Aditya Singh, tweeted today: “This is not new, Indian exchanges have also been facing issues with the payment service since 2018.”
The importance of UPI
At the launch a few days ago, Surojit Chatterjee, product manager for Coinbase, had said how using UPI would be the first step for Indian citizens who wish to buy cryptocurrencies on its platform. The CEO of Coinbase Brian Armstrong, also said about it: “India has shown great willingness with UPI.”
As he said DiarioBitcoin, the regulatory situation in India remains unclear. It was very controversial this year the 30% tax on cryptocurrency transactions . In addition there are new rules for crypto advertising.
By the way, last year Coinbase had reported that it was carrying out a hiring plan for a technology center it had created in India, for which it was opening vacancies in which it offered programmers a one-time payment of USD $1,000 in cryptocurrencies .
Version of DiarioBitcoin
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