Coinbase’s Indian Dream Stalls As Regulators Force Crypto Payment Suspension

The largest United States-based crypto exchange Coinbase has stopped payment services through United Payments Interface (UPI) on its platform for Indian users.

Three days earlier, Coinbase had launched its Crypto Payment services in the South Asian subcontinent.

The UPI is the payment portal governed by the National Payment Corporation of India (NPCI).

The UPI facilitates buy orders on Coinbase’s India services.

Coinbase has already updated its payment method information on its website for Indian users, which urges users to try Immediate Payment Service (IMP) to place sell orders.

Financial news outlet Business Standard reported on Monday 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 that we are aligned, with local expectations and industry norms.”

Coinbase Ventures, the investment arm of Coinbase, announced last month that it planned to invest $1 million in the Indian crypto and Web3 industries.

The fate of those plans does not yet appear to be affected by the exchange’s service suspension.

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