Coinbase’s (COIN) trading launch in India on Thursday appears to have stumbled just hours after the exchange made the announcement at an event in India’s tech hub of Bengaluru.
- UPI is a popular instant real-time payment system – under regulation by India’s central bank, the Reserve Bank of India (RBI) – allowing peer-to-peer and person-to-merchant transactions. The platform functions under the National Payments Corporation of India (NPCI), an umbrella organization for operating retail payments and settlement systems in India.
- NPCI is an initiative of the RBI and the Indian Banks’ Association (IBA). The RBI has made no secret of its distaste for cryptos, even demanding they be banned completely in India – so the use of UPI announced by Coinbase naturally drew some attention.
- Speaking at the event in Bengaluru, Coinbase Chief Product Officer Surojit Chatterjee explained in detail how using UPI would be the first step for India’s citizens wishing to buy crypto on its platform, and Coinbase CEO Brian Armstrong said, “India has shown a great willingness with UPI.”
- That drew a tweet from NPCI: “With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI.”
- A request for comment from Coinbase went unanswered and will be added if and when shared.
Read more: Coinbase Starts Crypto Trading Services in India