India's exchanges have lost key partners and yet they are not commenting. This even as crypto trading and sentiment is hurting. Amitoj Singh reports.
in the form of a crypto-specific bill. Thus, the latest issues appear to threaten the industry's very survival according to analysts.
Then Surojit Chatterjee, Coinbase's chief product officer, explained how to buy crypto on the platform with great emphasis on UPI. “When a government entity makes the effort to issue a statement at that time of the night, somebody has really been annoyed,” said an employee at another crypto exchange. “One of these methods is UPI, a simple-to-use and rapid payment system. We are aware of the recent statement published by NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms," the spokesperson added.
“It might have worked better for Coinbase if they avoided using UPI with crypto in the same sentence. Coinbase got a taste of what Indian exchanges have been facing and struggling with since 2018,” said Aditya Singh, a co-founder of Crypto India. On Tuesday, deposit services became unavailable on Indian exchange CoinSwitch Kuber in which Coinbase has investedAn industry source not authorized to speak on the matter implied that India’s central bank – which has tried to bar banks from providing crypto exchanges services before – may be quietly influencing payment providers to cut off crypto exchanges.
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