After Coinbase announced a partnership with UPI, an Indian mobile payment system that would allow Indian users to buy cryptocurrencies with Indian rupees directly through UPI, UPI has denied this, and Coinbase has since stopped sending Indian rupees and cryptocurrencies to its trading app through UPI. conversion.
Not only Coinbase is affected by this, but at least seven companies that provide crypto-related trading services have suspended their Indian rupee deposit services.
Coinbase executives said the moves put additional pressure on already slumping trading volumes. The Indian crypto trading industry is also preparing to impose a new tax on all crypto transactions above a certain size, which will take effect on July 1.