{"id":12256,"date":"2022-05-13T15:25:48","date_gmt":"2022-05-13T15:25:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/index.php\/2022\/05\/13\/coinbase-suspends-services-in-india-due-to-informal-pressure-from-central-bank\/"},"modified":"2022-05-13T15:25:48","modified_gmt":"2022-05-13T15:25:48","slug":"coinbase-suspends-services-in-india-due-to-informal-pressure-from-central-bank","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinbase-suspends-services-in-india-due-to-informal-pressure-from-central-bank\/","title":{"rendered":"Coinbase Suspends Services in India Due to “Informal Pressure” From Central Bank"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Nasdaq-listed cryptocurrency exchange Coinbase<\/a> has ended its operations in India just a few days after launching on April 7.<\/a><\/p>\n

Elaborating on the reasons why, CEO Brian Armstrong pointed to \u201cinformal pressure\u201d from the country\u2019s central bank, the Reserve Bank of India (RBI).<\/p>\n

Speaking during his company\u2019s Q1 earnings<\/a> call on Tuesday, Armstrong \u00a0said:<\/p>\n

\u201cThere\u2019s a lot of interest in crypto amongst the people there in India. So we had an integration with what\u2019s called UPI. And this was a great example of just our international strategy.\u201d<\/p>\n

He added:<\/p>\n

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\u201cA 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.\u201d<\/p>\n<\/blockquote>\n

The Coinbase boss continued:<\/p>\n

\u201cAnd India is a unique market, in the sense that the supreme court has ruled that they can\u2019t ban crypto, but there are elements in the government there, including at Reserve Bank of India, who don\u2019t seem to be as positive on it.\u201d<\/p>\n

Armstrong noted that what the RBI is effectively doing is referred to by the media as \u201cshadow banning,\u201d elaborating:<\/p>\n

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\u201cBasically, they\u2019re applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI.<\/p>\n

I guess we have a concern that they may be actually in violation of the supreme court ruling, which would be interesting to find out if it were to go there.\u201d<\/p>\n<\/blockquote>\n

The exchange is working hard to make sure it can resume operations in the country as soon as possible. Armstrong said:<\/p>\n

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\u201cBut I think our preference is really just to work with them and focus on relaunching. I think there\u2019s a number of paths that we have to relaunch with other payment methods there. And that\u2019s the default path going forward.<\/p>\n

My hope is that we will be live back in India in relatively short order, along with a number of other countries, where we\u2019re pursuing international expansion similarly.\u201d<\/p>\n<\/blockquote><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) Nasdaq-listed cryptocurrency exchange Coinbase has ended its operations in India just a few days after launching on April 7. Elaborating on the reasons why, CEO Brian Armstrong pointed to \u201cinformal pressure\u201d from the country\u2019s central bank, the Reserve Bank of India (RBI). Speaking during his company\u2019s […]<\/p>\n","protected":false},"author":5,"featured_media":12257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/12256"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=12256"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/12256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/12257"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=12256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=12256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=12256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}