Just three days after its launch in India, the American exchange platform Coinbase has stopped its payment services using the UPI (United Payment Interface) system for the Indian users in the South Asian subcontinent.
The Unified Payment Interface is a payment system portal that is governed and regulated by the National Payment Corporation of India (NPCI), which also regulates the buy order of the Coinbase India Services. The NPCI is a particular division of the country’s central bank Reserve Bank of India (RBI) which is under the Ministry of Finance. The exchange platform has already updated the information regarding the payment system and urged the users to utilize the Immediate Payment Service (IMP) to place sell orders.
Coinbase has stated that the company is working for a remedy in the situation and maintaining a balance with the appropriate regulators and have been committed to working together with NPCI and other relevant authorities to make sure they abide by the local expectations and the industry norms.