The chief executive officer of Coinbase exchange revealed that they are not getting support from the government authorities of India to start crypto services for Indian citizens at a better level.
Coinbase is a second-ranked leading crypto exchange, which provides crypto services across all the countries, where crypto trading is allowed. In April, the Coinbase exchange entered officially in the Indian crypto market to push the adoption of Cryptocurrencies among the Indian citizens.
Recently during the earning calls report of Coinbase exchange, Brian Armstrong, CEO of Coinbase exchange, stated that they launched Coinbase’s services in April officially and also added the easiest & simplest payment method UPI.
“There’s a lot of interest in crypto amongst the people there in India. So we had an integration with what’s called UPI.”
Coinbase further added that just after adding UPI to the services, they started to get pressure from the Central Bank of India, RBI, and finally the exchange was forced to stop using the UPI payment method. Brian said that it was a very strange thing because, in the past, the Supreme Court revoked the crypto trading ban decision of the RBI but still they are in favour of ban.
Coinbase CEO pointed out that Indian government agencies are trying to impose shadowban on cryptocurrencies through the instruction of restrictions like UPI payment services use among crypto companies.
Besides all these issues, the Coinbase exchange is still confident and expected to relaunch the Coinbase’ Crypto Offerings in the future.
“But I think our preference is just to work with them and focus on relaunching. I think there are several paths that we have to relaunch with other payment methods there. And that’s the default path going forward.”
India & Crypto
In the present time, crypto is under gray region because no one can consider crypto legal & neither can consider it illegal.
Last month, Nirmala Sitharaman, finance minister of India, passed a positive comment on crypto and said that the government has no intention to hurt this tech industry but crypto investors need to wait to have a better regulatory framework in India.
Read also: Cardano founder defended his stable coin Djed over UST