Coinbase has disabled support for Unified Payments Interface (UPI) in India.
Crypto-asset trading platform Coinbase ran into regulatory hurdles shortly after launching in India, according to a report by the Economic Times. The platform disabled UPI support on Sunday after the National Payments Authority of India (NPCI) announced on April 7 that “We are not aware of any crypto exchanges using UPI.” The statement made by Coinbase on the subject included the following statements:
“We are aware of the latest statement published by NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with the NPCI and other relevant authorities to ensure we are compliant with local expectations and industry norms.”
What is UPI?
UPI is a real-time payment system that facilitates interbank transactions via mobile phone. NPCI is an initiative of the Reserve Bank of India (RBI) and the Banks Association of India (IBA) to build a solid payments infrastructure in India.
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