{"id":445131,"date":"2022-05-11T11:21:28","date_gmt":"2022-05-11T08:21:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/indian-central-banks-informal-pressure-disrupted-payments-coinbase-ceo\/"},"modified":"2022-05-11T11:21:28","modified_gmt":"2022-05-11T08:21:28","slug":"indian-central-banks-informal-pressure-disrupted-payments-coinbase-ceo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/indian-central-banks-informal-pressure-disrupted-payments-coinbase-ceo\/","title":{"rendered":"# Indian central bank\u2019s &#8216;informal pressure&#8217; disrupted payments: Coinbase CEO"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4140d98fbd3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4140d98fbd3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/indian-central-banks-informal-pressure-disrupted-payments-coinbase-ceo\/#%E2%80%9D_Indian_central_banks_%E2%80%98informal_pressure_disrupted_payments_Coinbase_CEO_%E2%80%9C\" >&#8221; Indian central bank\u2019s &#8216;informal pressure&#8217; disrupted payments: Coinbase CEO &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Indian_central_banks_%E2%80%98informal_pressure_disrupted_payments_Coinbase_CEO_%E2%80%9C\"><\/span>&#8221; Indian central bank\u2019s &#8216;informal pressure&#8217; disrupted payments: Coinbase CEO &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvOWFlNjczODAtYjljOC00M2RhLWFkMTYtNTJhYjBmYzRmZTRkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Just three days after debuting in the Indian market, United States-based crypto exchange Coinbase abruptly stopped using United Payments Interface (UPI), the most popular payment service in the region. Coinbase CEO Brian Armstrong later revealed that the service disruption was due to an \u201cinformal pressure\u201d from India\u2019s central bank.<\/p>\n<p>During Coinbase\u2019s 2022 Quarterly Earnings call, Armstrong\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/s27.q4cdn.com\/397450999\/files\/doc_financials\/2022\/q1\/Coinbase-Q1'22-Earnings-Call-Transcript.pdf\">spoke<\/a>\u00a0about the company\u2019s global expansion plans while acknowledging Coinbase\u2019s role in starting the conversation with regulators related to crypto adoption. When asked about the impact of the recent disruption related to offering payment services in India, Armstrong stated:<\/p>\n<blockquote><p>\u201cSo a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India (RBI), which is kind of the Treasury equivalent there.\u201d<\/p><\/blockquote>\n<p>While highlighting the Supreme Court\u2019s ruling from March 2020, which forbids RBI from banning banks to deal with crypto business, Armstrong warned about certain government entities \u2014 including the RBI \u2014 \u201cwho don&#8217;t seem to be as positive on it.\u201d<\/p>\n<p>The CEO revealed Coinbase\u2019s aggressive strategy for international expansion that involves launching services in new jurisdictions and work with the regulators based on their reactions to Coinbase\u2019s presence in the region. Highlighting India\u2019s attempt to impose a shadow-ban on crypto businesses, Armstrong added:<\/p>\n<blockquote><p>\u201cBasically they&#8217;re <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lying soft pressure behind the scenes to try to disable some of these payments which might be going through UPI. I guess we have a concern that they may be actually in violation of the Supreme Court ruling.\u201d<\/p><\/blockquote>\n<p>Despite the evident regulatory hurdles, Coinbase prepares for a relaunch in the region by introducing other modes of payment as it tries to cater to the high demand of crypto investors. Armstrong concluded:<\/p>\n<blockquote><p>\u201cIn most places in the free world and in democracies, crypto is going to eventually be regulated and legal. And the way that we push the conversation forward is by taking action.\u201d<\/p><\/blockquote>\n<p>On April 1, India introduced its first set of crypto laws that requires crypto investors to pay 30% tax on unrealized crypto gains. The move, however, negatively impacted the crypto ecosystem as trading volumes plummeted and in-house businesses shifted away into friendlier jurisdictions.<\/p>\n<p><strong>Related: <\/strong><strong><em>Binance to drive crypto and blockchain awareness among Indian investors<\/em><\/strong><\/p>\n<p>Eyeing on the same pool of untapped market, crypto exchange Binance launched three key educational initiatives to fast-track educating Indian investors and students about the cryptocurrency and blockchain ecosystem.<\/p>\n<p>Along with the announcement, Binance highlighted that the lack of education among Indian regulators and policymakers currently hinders the widespread adoption of crypto.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/indian-central-bank-s-informal-pressure-disrupted-payments-coinbase-ceo\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Indian central bank\u2019s &#8216;informal pressure&#8217; disrupted payments: Coinbase CEO &#8220; Just three days after debuting in the Indian market, United States-based crypto exchange Coinbase abruptly stopped using United Payments Interface (UPI), the most popular payment service in the region. Coinbase CEO Brian Armstrong later revealed that the service disruption was due to an \u201cinformal&#8230;<\/p>\n","protected":false},"author":1,"featured_media":445132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvOWFlNjczODAtYjljOC00M2RhLWFkMTYtNTJhYjBmYzRmZTRkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,77310,90774,82560,74889,78031,74355,117,17318,70934],"class_list":["post-445131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-indian-crypto","tag-indian-government","tag-mobile-payments","tag-payments","tag-reserve-bank-of-india","tag-adoption","tag-business","tag-india","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=445131"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/445132"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=445131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=445131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=445131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}