The governing body overseeing India’s Unified Payments Interface (UPI) said it isn’t aware of any cryptocurrency exchange using the platform, hours after Coinbase said users could use the same to buy and trade cryptocurrencies. 

See related article: SEC threatens to sue Coinbase over high-yield savings account

Fast facts

  • Nasdaq-listed Coinbase launched crypto trading services in India, allowing customers use of UPI, a popular way for Indians to transact digitally.
  • But in a rare departure from the norm, the National Payments Corporation of India, the operator of the platform that processed more than US$1 trillion in fiscal 2022, denied any association.
  • NPCI “would like to clarify that we are not aware of any crypto exchange using UPI,” a press release read.
  • The Reserve Bank of India has repeatedly warned against cryptocurrencies, making financial institutions and banks wary of offering any related services.
  • After the release, Coinbase told users on a support page that it won’t be able to offer UPI-based transactions. That page has since been taken down.
  • Coinbase plans to hire over 1,000 employees in India this year in addition to the existing 300 staff at its tech hub in the country, co-founder and CEO Brian Armstrong said.

See related article: Coinbase’s high-interest savings account rollout raises questions over returns