Coinbase Suspends Option To Buy Cryptos Like Bitcoin, Ethereum, Dogecoin In India A Day Into Launch

Coinbase Suspends Option To Buy Cryptos Like Bitcoin, Ethereum, Dogecoin In India A Day Into Launch
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Coinbase Global, Inc. put off the option to buy cryptocurrencies such as Bitcoin BTC/USD, Dogecoin DOGE/USD, and Ethereum ETH/USD using UPI in India. This came days after the launch in the world’s second-largest internet market.

Let’s have a look at what exactly happened.

This suspension came after America’s largest cryptocurrency exchange, while making its debut in India last week, said it was working on getting UPI (Unified Payment Interface) on its platform for all its consumers. 

The development was followed by a statement from the central bank of India that it was not aware of any cryptocurrency exchange using UPI payment instruments.Though the buying option is unavailable for the users of the Coinbase app, they can sell via the Immediate Payment Service (IMPS) method.

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To answer the NPCI statement, a spokesperson of Coinbase said that as they enter the Indian market, they are actively experimenting with several payment methods and partners to enable their customers to make their cryptocurrency purchases effortlessly. One of these methods is UPI, which is a simple to use and rapid payment system.

Why does this matter? 

UPI has seen immense growth over the past few years and has become one of India’s most prevalent modes of payment. According to the National Payments Corporation of India (NPCI) data, payments worth $1.09 trillion were dealt with through the UPI in 2021-22. 

This may have been the first time for Coinbase to undergo such difficulty, but it is not new for Indian cryptocurrency exchanges generally, which have been facing regulatory hurdles from the Indian government over the past few years. The country’s government has been firmly against the decision about cryptocurrency mining and trading and is looking to regulate the use of digital assets in India soon.

Price Action: 

According to data provided by Benzinga Pro, Bitcoin was trading flat at $42,122 in the last 24 hours, and Ethereum was trading at $3,168, down about a percent over the same period.

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