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The largest U.S. cryptocurrency exchange Coinbase said it has halted operations in India due to pressure from the country’s Central Bank (RBI).
Coinbase provided an update on its India operations during the company’s earnings call on May 10, specifically on why the exchange was forced to exit the crypto market. released in India just a few days after its launch.
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Do you live and breathe crypto? Are you crypto-curious? Do you want more exposure to the industry? We’re looking for students and professionals to be our next cohort of Community Ambassadors, get that app in before May 23rd!
— Coinbase (@coinbase) May 10, 2022
In fact, Coinbase set foot in India on April 7 after planning to invest 1 million USD in Web3 projects initiated in the country as well as intending to recruit software human resources with a large scale. Scale up to 1,000 employees at Coinbase’s India technology hub, helping to accelerate the nation’s economic and financial inclusion goals.
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— Coinbase (@coinbase) March 21, 2022
A note from our CEO as he settles in India for a week of crypto and web3 discussions, fireside chats, and listening…https://t.co/v09VhGkyrG
— Coinbase India (@CoinbaseIndia) April 4, 2022
At the time, the company said that users could use the UPI (unified payment interface) system to buy cryptocurrency on the platform. However, the company has disabled the UPI option. CEO Brian Armstrong said:
“We had to disable UPI because of some informal pressure from the Central Bank of India (RBI).”
Armstrong noted that what the RBI did was described by the media as “an implicit ban”. They are essentially putting pressure behind the government to try to disable some of these payments, possibly through UPI.
The cryptocurrency situation in India has become the most controversial legal “hotspot” since the beginning of 2022. Especially since the finance ministry started imposing a 30% tax on all income generated from it. crypto, the main reason for the drop in domestic trading volume “without brakes”. In addition, the Indian government is considering imposing an additional 28% tax on all cryptocurrency transactions.
However, the Coinbase CEO added that his company still will not give up his determination to return to India in the near future by other reasonable payment launch ways because Coinbase itself is pursuing an expansion strategy. to many similar international regions.
The effort in terms of improving the scale of operations is like that, but in recent times Coinbase has been lagging in business performance. Coinbase exchange lost 430 million USD in Q1/2022, causing COIN stock price to continuously bottom in April.
The quality of the exchange’s products also went down significantly when the beta version of Coinbase NFT marketplace was open to all users, but the response from the community was not really positive. Even Coinbase was entangled in a “drama” surrounding the announcement of a series of token lists about to be listed in the second quarter of 2022, related to the move of “collecting goods” from internal employees of the company, causing CEO Brian Armstrong must speak out directly to reassure the community.
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