Coinbase has suspended trading services in India due to “informal pressure” from the Reserve Bank of India, the cryptocurrency CEO said on Tuesday, considering the notable Indian episode for the first time in a month. From the report: The Nasdaq-listed firm launched a crypto-trading service of the same name in India on April 7th. The app has allowed users of the world’s second-largest online marketplace to buy crypto-tokens using UPI, a very popular Indian payment infrastructure created by a retail coalition. banks. But just three days after the launch, the firm rolled back the service without explanation. The move came after a bizarre statement by the National Paying Corporation of India, the governing body overseeing UPI in the country in which it refused to recognize UPI support in the Coinbase app.

Asked about the Indian episode in the company’s earnings report, Coinbase co-founder and CEO Brian Armstrong said Coinbase had shut down UPI “due to informal pressure from the Reserve Bank of India.” Armstrong noted that cryptocurrency trading is not illegal in India – in fact, the South Asian nation has only recently begun to tax it – but there are “elements in the government, including the Reserve Bank of India, that don’t seem to be why they are – in the press it’s called a “shadow ban,” in essence, they’re using soft pressure behind the scenes to try to turn off some of those payments that could go through UPI, ”he said.

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