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“Unofficial pressure” from RBI led to the cessation of trade: Coinbase CEO Brian Armstrong

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In an interesting turn of events, CEO of cryptocurrency exchange Coinbase Brian Armstrong called “unofficial pressure” from the Reserve Bank of India the reason that the company stopped trading in its application. As a refreshment, Coinbase, which launched Indian high-pump operations have allowed users to use UPI for crypto-transactions, a service it later had to close.

Here is what CEO Brian Armstrong said:

So, a few days after the launch, we shut down UPI due to informal pressure from the Reserve Bank of India, which is a kind of treasury equivalent. India is a unique market in the sense that the Supreme Court has ruled that they cannot ban cryptocurrencies. But there are elements in the government, including the Reserve Bank of India, that don’t seem to be so positive about it. And that’s why they called it a “shadow ban” in the press – in fact, they put mild pressure behind the scenes to try to disable some of these payments, which can go through the UPI.

Armstrong also noted that the bank’s position does not seem to be in line with India’s top legislature. While the RBI originally banned cryptocurrency in India, the Supreme Court ruled against the move two years ago, and the government recently took steps to make it a more regulated aspect of the economy.

Earlier last month, Coinbase was ready to enter the Indian economy, announced its application and the integration of UPI payments. However within a week the company had to take a step back and half of all purchase orders without any reasonable explanations offered at the time. Following an initial announcement by Coinbase, the National Payment Corporation of India (NPCI) soon issued a statement denying UPI’s access to any cryptocurrency trading platform.

Coinbase plans to work with the Government of India to resume operations in India. In his statement, Armstrong sounded quite passionate about the concept of decentralized digital assets. He said: “So it is not always clear when we travel to these countries around the world, everyone is in different states of education or lack of education in the field of crypto. And there is a lot of work to do to meet with politicians around the world and teach them about what AML’s capabilities are and what the positive benefits are. Residents of these countries tend to really want the crypt. And so for me, that means that in most places in the free world and democracies, the crypt will eventually be regulated legally, but it will take time for them to get used to it. ”

Despite the early setback, Armstrong wants to continue to advance in Indian demographics, even if it is not the most profitable solution for the company. He hinted that the move would spark a conversation about the concept of cryptocurrency at all levels in India. In the press, in government agencies and on family couches.

https://thetechportal.com/2022/05/11/coinbase-india-brian-armstrong-rbi/

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