Nasdaq-listed cryptocurrency exchange Coinbase has stopped operating in India a few days after it was due to “irregular pressure”, said Brian Armstrong, CEO of the Reserve Bank of India (RBI).
Coinbase shares experience in India
Coinbase Global on Tuesday called on the company to improve its operations in India, especially why it left the cryptocurrency market.
“Some shareholders are excited about the recent changes in India,” said Brian Armstrong, CEO of Coinbase Investment Relations Vice President Anil Gupta. You can explain the UPI stop [Unified Payments Interface] Does it transmit there? And what impact will that have on your market expansion plans?
Coinbase launched in India on April 7. He went to India to start Armstrong. At the time, the company said users would be able to purchase cryptocurrencies online using the UPI system. However, a few days later, the company dropped the UPI option.
“There is a lot of interest in crypto among people in India. So we merged with something called UPI. And this is just a good example of our global strategy, ”Armstrong said during the fundraiser. He explained.
A few days after we started, we disabled UPI due to some irregular pressure on the Reserve Bank of India, which is similar to the warehouse there.
“And India is a special market, which the Supreme Court has ruled against crypto, but there are some things in the government that do not seem so positive in the Reserve Bank of India. On top of that,” the Coinbase chief commented.
What Armstrong RBI is doing has been described by the media as a “shadow block.” “Basically, they are working softly behind the scenes to disable some of these payments, which may be through UPI,” he said in detail.
The Coinbase executive continued, “I think we are concerned that they may be violating the Supreme Court’s decision, and it will be interesting to know if this will go there.”
“But I think our only choice is to work with them and focus on restarting. I think there are many ways to get started with other payment methods. And this is the default path forward. Armstrong concludes:
My hope is that we will return to India in a very short time, along with many other countries where we will be experiencing global expansion.
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