Coinbase suspended payments via UPI in India
The National Payment Corporation of India stated that they are not aware of any crypto exchanges using the Unified Payment Interface (UPI)
11.04.2022 - 09:10
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What’s new? US crypto exchange Coinbase has suspended payment services via United Payments Interface (UPI) on its app in India. This happened three days after the service launched, TechCrunch reports. Coinbase offered users to try the Immediate Payment Service (IMP).
What preceded it? Last week, the National Payment Corporation of India (NPCI) stated that they are not aware of any crypto exchanges using UPI. This came after Coinbase announced the launch of the UPI payment tool on its app. A Coinbase spokesperson responded to NPCI’s statement by saying that they are experimenting with a number of payment methods and partners in connection with entering the Indian market. He noted that UPI is an easy-to-use and fast payment system. Coinbase stressed that they are ready to cooperate with the NPCI and other regulators to make sure they comply with the local regulations.
What is UPI? Unified Payment Interface is an instant real-time payment system developed by NPCI.
On April 1, 2022, the crypto tax law came into force in India. Indians have to pay a capital gains tax of 30% on crypto transactions. Also, from July 1, 2022, Indian residents will have to pay a 1% tax deducted at source (TDS) and taxes on crypto gifts.
On April 7, 2022, Coinbase CEO Brian Armstrong announced the platform’s entry into the Indian market. To this end, a series of events were held for the local crypto community, and a partnership with Buidlers Tribe, a web3 startup incubator, was concluded.
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