The launch of Coinbase Global Inc’s crypto trading platform in the country may have already hit a roadblock.
The US-based company’s decision to allow clients to use the Unified Payments Interface (UPI) – a key digital payments railroad – to make rupee deposits for buying cryptocurrencies in India is under regulatory scrutiny.
Coinbase, which began offering its trading services in India on Thursday, said it was using UPI, which is managed by the National Payments Corporation of India (NPCI), to enable rupee deposits on its platform. NPCI, however, denied any knowledge of “any crypto exchange using UPI”, in a statement issued recently.