April 11, 2022
Crypto exchange has suspended support for payments via India’s UPI on its app, the country’s most popular online transaction facility, days after launching its trading service there
Crypto giant Coinbase has suspended support for payments via India’s Unified Payments Interface (UPI) on its app, making the exchange unable to receive purchase orders on the country’s most popular online transaction facility less than four days after launching its trading service there, according to Tech Crunch. Users in India, which is the world’s second biggest internet market, who want to buy tokens via Coinbase are being informed that the UPI system is “currently unavailable,” it says.
“The move follows a strange statement from the National Payments Corporation of India, the governing body that oversees UPI in the country, which said hours after Coinbase’s India launch earlier this week that it was not aware of any crypto exchange.” The NPCI is a division of the central bank, “which continues to maintain that virtual digital assets need more scrutiny”, it said.
Read the full report: Tech Crunch.
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