Coinbase, a well known global exchange based in the United States which is truly a big deal when it comes into the scene of Indian Crypto due to multiple reasons. India recently came up with the Crypto Bill which allowed taxation on the crypto market. In the meanwhile, the entry of Coinbase in the Indian market was look as a big positive during this time for the future of Indian Crypto.
I personally was quite excited by this move of Coinbase coming into the Indian market and offering their services tailored for Indian users like INR pairs with crypto or the UPI support as well. I wrote a blog covering a lot regarding that , you can check this out.
A Major Blow
Ever since Coinbase announced that they have enabled the UPI option for users to transact a bit more easily as the UPI interface is the most used one in case of financial transactions in India. And no other exchange operating in India offered the same service before.
But after a little while when Coinbase started to gain some attention from NPCI (National Payments Corporation Of India) over the statement that they've implemented the UPI option on their platform. They decided to give an official clarification that they have not permitted any crypto exchange to do so till now.
You can check the statement by NPCI here -
Coinbase pulls down UPI interface
After that, Coinbase suspended the option to purchase cryptocurrencies through India’s widely-adopted instrument for digital payments, Unified Payments Interface (UPI), which in itself was a big selling point for them.
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Coinbase actually stepped into the Indian market around the time when Indian crypto taxes like 30% flat tax, 1% TDS got introduced which are likely to impede the popularity of the virtual tokens.
Coinbase though has stated they have long term thoughts in India. They've even invested $150 million in two unicorn crypto exchanges ,CoinSwitch and CoinDCX—through its investment arm namely Coinbase Ventures.
Government must INTERVENE
Government has come up with such taxation systems for Crypto in the country, so it should actually be the government who will make things easier for traders and users who are coming into the crypto aspect as a whole. UPI is the most used interface for digital payments in the country and getting it integrated with crypto exchanges can actually be a great addition for Indian users.
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