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
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