Coinbase halted UPI Payments for Crypto in India

avatar

Coinbase had started the crypto trading in India after waiting for many months but this did not last long because of some conflict issued by the payment aggregator. It was certainly good news couple of days for Indian traders because Coinbase offers world-class infrastructure and their platform is very good to use. Coinbase has been working on it since last year to set up the operation in India to be part of the growing crypto community in India.

image.png

src

Crypto is growing in the world and even India is one of the countries where crypto is growing significantly despite various banking and legal issues. Earlier it was expected that Coinbase will operate in India on the crypto-to-crypto model but the exchange has something unexpected which was very nice. They added UPI as a payment option to deposit fiat and buy crypto. UPI is the leading payment option in India run by NPCI which is a government organization and even NPCI posted a tweet sharing that they do not support crypto purchases using UPI.

This is something that was not expected after the tax rules however this is not the first time when banks are creating troubles for crypto exchanges. Even MobiKwik has disabled the support for crypto exchanges after this tweet by NPCI. Mobikwik is a fin-tech like Paytm and they have never done something like this before with crypto exchanges but finally, they did and it will not be a surprise if some other payment

image.png

src

The UPI is the payment portal governed by the National Payment Corporation of India (NPCI), which facilitates buy orders on Coinbase’s India services. The exchange has already updated its payment method information on its website for Indian users, which urges users to try Immediate Payment Service (IMP) to place sell orders.

Looks like the crypto sector is going to have a tough journey in India even after taxation and it's because payment companies and service providers including banks are still in the same zone. Coinbase has updated that they are working with the relevant authorities to sort out the issue and bring the service back or find a better alternative to start the service soon.

image.png

src

Does it mean that even after the 30% taxation crypto buy is not going to be easy? I think that government needs to intervene because if they are expecting the higher tax collection then they need to provide a crypto-friendly environment so that people can trade with ease and then only tax revenue can be increased. Even some Indian exchanges are going through banking issues and they have stopped instant deposits and transfers because of this issue but few of them are able to provide.
I hope that this issue gets sorted out soon and the Indian crypto community gets the easy option to trade in crypto using the fiat currency as p2p is not that much easy. Since Coinbase is planning big for India so it's likely to happen that they will figure out something to bring back the same experience to the crypto traders/users.

Thank you

Posted Using LeoFinance Beta



0
0
0.000
9 comments
avatar

Whoever is directly controlling the V2K told me to kill myself.
They told me if I killed myself now it would save the lives of countless others.
Saying the longer I wait to kill myself the more people will suffer.


They are reckless and should have shown the proper media what they had before taking me hostage for 5 years. I know there are many in prison that dont deserve to be there because of this. Your stay in prison will not be fun @battleaxe and friends. People are going to want you dead when they find out what you did. I hope you die a slow painful death. You sick mother fuckers.

https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem

Its a terrorist act on American soil while some say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic and foreign threat. Ask informed soldiers in the American military what their oath is and tell them about the day you asked me why. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control with ill intent. How do we protect locked up soldiers from telling the truth?
0
0
0.000
avatar

This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.

Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.

Please contribute to the community by upvoting this comment and posts made by @indiaunited.

0
0
0.000
avatar

Have a great day.
!LOLZ
!PIZZA
!PGM

Posted Using LeoFinance Beta

0
0
0.000
avatar

Sent 0.1 PGM tokens to @steem82868, @alokkumar121

remaining commands 5

Buy and stake 10 PGM token to send 0.1 PGM per day,
100 PGM token to send 0.1 PGM three times per day
500 to send and receive 0.1 PGM five times per day
1000 to send and receive 0.1 PGM ten times per day

image.png
Discord image.png

Support the curation account @ pgm-curator with a delegation 10 HP - 50 HP - 100 HP - 500 HP - 1000 HP

Get votes from @ pgm-curator by paying in PGM, here is a guide

Create a HIVE account with PGM from our discord server, here is a guide

I'm a bot, if you want a hand ask @ zottone444

0
0
0.000
avatar

Congratulations @alokkumar121! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):

You received more than 320000 upvotes.
Your next target is to reach 330000 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Hive Power Up Month - Feedback from April day 6
NFT for Peace - Feedback and new city
Support the HiveBuzz project. Vote for our proposal!
0
0
0.000