The Coinbase CEO blamed the RBI for the failed launch in India and said he is willing to work with regulators and find a way to re-launch the platform so let’s read more today in our latest Coinbase news.
The Coinbase CEO blamed the RBI – the Reserve Bank of India for putting pressure and denying the Unified Payments Interface services which led to Coinbase stopping its trading services a few days after the launch. Speaking ont the issue, Armstrong said what led to the suspension of the company’s services in India and other plans to make a comeback:
“So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there.”
Coinbase maintains a technical hub with more than 300 employees in India for over a year and plans to hire another 1000 staff this year alone, relaunching its services in April in Bangalore. In three days, however, the NASDAQ-listed crypto trading platform suspended the services for Indian investors after the retail payment services UPI got denied by the RBI. The Coinbase co-founder and CEO got to India a week before the launch of the platform and informed the readers that Coinabse ventures will be meeting with the startup founders to explore possibilities in crypto and web3 domains:
“And India is a unique market, in the sense that the Supreme Court has ruled that they can’t ban crypto, but there are elements in the government there, including at Reserve Bank of India, who don’t seem to be as positive on it. And so they — in the press, it’s been called a “shadow ban,” basically, they’re applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI.”
After detailing what happens in India and how the bank’s pressure is a violation of the Supreme court ruling, he said that the priorities include a re-launch:
“But I think our preference is really just to work with them and focus on relaunching. I think there’s a number of path that we have to relaunch with other payment methods there. And that’s the default path going forward. So my hope is that we will be live back in India in relatively short order, along with a number of other countries, where we’re pursuing international expansion similarly.
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Active in over 100 markets, the second biggest exchange by volume claims to have quite the understanding of the complications around compliance and regulations. Back in April 2022, the company launched Coinbase intelligence as a suite of crypto complaince tools for law enforcement agencies that provide real-time monitoring and alerts for improved risk management.
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