Cryptocurrency payments have been frozen across India after a major announcement from Coinbase. This move could have a significant impact on Coinbase, as this is one of their largest markets. We’ll take a look at what this means for the company and how it might affect their future plans.
When Surojit Chatterjee walked on stage at a Coinbase Global Inc. conference in Bengaluru, he had little reason to anticipate the fallout that would shortly ensue- until just moments before his presentation was about halfway through! The company’s Chief Product Officer revealed plans for crypto investors and users alike: soon they could transfer funds from anywhere using India’s online retail payments system Bank Reco pin code—and then trade Bitcoin (or Ether) right away with ease.”
Hours after Chatterjee’s announcement, it became clear that the central bank-backed entity which runs United Payments Interface is not aware of any crypto exchange using its network. Within three days Coinbase had halted rupee transfers to their trading app via UPI and soon afterwards they announced a nationwide ban on all transactions related with cryptocurrencies in order “to ensure customer protection.”
The erasure of Coinbase from India’s financial landscape is a major blow to its expansion plans in that country. “We are committed,” says the company’s spokesperson, “to working with NPCI and other relevant authorities.” They’re trying their best so as not have any issues or conflicts local expectations about what should happen here – but if it doesn’t go according plan then things could get ugly really fast!
Internal documents from Coinbase show that they were not the only company affected by this recent cyber attack. Since its announcement, at least four other firms have either suspended rupee deposits or seen banks and payment gateways pull support for money transfers onto their platforms according to executives who spoke with local media reports . Two exchanges had lost provider backing before Coinbase’s incident took place
The recent outage of Coinbase has caused a stir in the crypto community. At least four other companies that provide trading services for digital currency have suspended rupee deposits or seen banks pull support, according to executives from these firms and media reports localizing it . Two exchanges had lost provider payment processing before coinbase shut down today evening EST. The founder of BuyUcoin has also halted payments via UPI after the notice from NPCI.
This move by the Indian government comes as a surprise to many in the cryptocurrency world. Coinbase has not yet released a statement on the matter, but it is clear that this will have a significant impact on their business. India was one of Coinbase’s largest markets, and it is unclear how they will now proceed. It is possible that this could lead to Coinbase abandoning the Indian market altogether, or pivoting their focus to other countries. Only time will tell what the future holds for Coinbase and cryptocurrency payments in India.