The US-based and Nasdaq-listed crypto exchange had halted payments via unified payments interface mode on its app in India last month.
In a powerfully worded reply to its recent run-in with the Indian central bank, Brian Armstrong, CEO & co-founder of Nasdaq-listed Coinbase, said it disabled its Unified Payments Interface (UPI) services because of “informal pressure” from the Reserve Bank of India.
“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,” Armstrong said at the company’s earnings call to discuss the first quarter financial results.
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“India is a unique market, in the sense that the Supreme Court has ruled that they can’t ban cryptocurrencies, but there are elements in the government there, including at the Reserve Bank of India, who don’t seem to be as positive on it,” he added, replying to a question on what had happened in India.
Brian Armstrong conveyed that he hopes Coinbase will be back soon in India and will push conversation across international markets.
