Due to ‘informal pressure’ from the RBI, Coinbase has suspended operations in India

In a Tuesday earnings call, Coinbase CEO Brian Armstrong admitted that the exchange stopped the unified payments interface (UPI) in India due to “informal pressure” from the state bank.

Armstrong’s remarks came a month after Coinbase’s India services were banned three days after their launch.

Despite the Supreme Court’s decision in 2020 to overturn the central bank’s crypto banking ban.
There are “elements in the government there, especially at Reserve Bank of India (RBI),” according to Armstrong.

“They’re applying soft pressure behind the scenes to try to disable”
“some of these payments, which might be going through UPI,” he added.

Due to the RBI’s “shadow ban” on the cryptocurrency business, Indian exchanges have experienced issues accessing banking and payment systems.

Armstrong claims the RBI is in violation of a Supreme Court order from 2020.

Despite the criticism, Armstrong stated that Coinbase prefers to work with the regulator in order to relaunch.

Related Posts – This was a major factor in Bitcoin’s (BTC) drop to $35,000