Coinbase Suspended UPI Payment Option in India

BANKING AND ECONOMY

  • Coinbase - US cryptocurrency exchange operator - recently disabled the option to buy cryptocurrencies using the Unified Payments Interface payment (UPI) instruments through its application in India.
  • Currently, the users can only sell their cryptocurrencies via the Immediate Payment Service (IMPS) method. But the user cannot buy the cryptocurrencies.
  • Payment through UPI was disabled as the National Payments Corporation of India (NPCI) announced it was not aware of any crypto exchange using UPI payments instrument.
  • Earlier, Coinbase had announced that it would allow Indian users to use UPI as a payment method to buy and sell cryptocurrencies.
  • Mobikwik wallet has also stopped supporting crypto trading.

 

Facts to know:

 

  • A cryptocurrency is an encrypted data string that denotes a unit of currency functioning through ‘blockchain technology’.
  • In 2020, Qatar banned the usage of cryptocurrency.
  • Turkey banned cryptocurrency (which includes Bitcoins) since April 2021.
  • Russia granted legal status for cryptocurrency but banned the payments made through cryptocurrency.
Coinbase

Never search for

exam resources

Get them delivered to you

Email Subscription
preparing for jeet

Preparing for Govt. Exams?

Here is you path to Jeet

View courses