The Reserve Bank of India (RBI) has not issued any instruction to Coinbase to droop UPI-based transactions, in accordance with sources within the know. The crypto change’s chief govt officer Brian Armstrong mentioned on an earnings name on Tuesday that the corporate ended up disabling UPI due to some casual strain from the RBI. The central financial institution is but to difficulty an official assertion on Armstrong’s feedback.
An RBI injunction in opposition to UPI use for crypto transactions could be doubtlessly violative of a Supreme Court order putting down an RBI round halting crypto exchanges’ entry to banks.
“The RBI has not done anything or issued any instruction which goes against the Supreme Court order. The RBI in its circular dated May 31, 2021, had stated that in view of the order of the Hon’ble Supreme Court, the circular of April 6, 2018, which had imposed certain restrictions on regulated entities in dealing with virtual currencies, is no longer valid from the date of the Supreme Court judgement,” the supply mentioned.
Coinbase had launched crypto buying and selling providers in India on April 7, 2022, and mentioned that Indian customers would be capable to transact on its platform utilizing UPI. National Payments Corporation of India (NPCI), which operates the UPI platform, had issued an announcement the identical day that it was unaware of any crypto change utilizing UPI. Soon after, Coinbase was reported to have suspended transactions utilizing UPI.
Source: www.financialexpress.com”