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RBI informal pressure led to trading halt: Coinbase CEO

 


The Indian government has cracked down on cryptocurrency activities in recent years.


Cryptocurrency exchange Coinbase has announced that it has halted its trading activities in India due to informal pressure from the Reserve Bank of India (RBI).


The RBI, like many central banks around the world, has cracked down on cryptocurrency trading activities. For example, the RBI banned financial institutions from participating in crypto-related services.


Coinbase launched its services in India on April 7, but reversed its decision three days later. The Coinbase app allowed users in India to buy crypto tokens through UPI, a very popular Indian payments infrastructure built by a coalition of retail banks in the country.


The UPI refused to recognize support for the Coinbase app, causing the crypto exchange to reverse its previous decisions.


Coinbase CEO Neil Armstrong confirmed that informal pressure from the RBI is the reason the company has halted its operations in India. He said:


"I think just to zoom out for a minute, one of our theories here and my theory is that action produces information. So when we travel to these countries around the world, it's not always clear that everyone is at different stages of the type of education, or lack thereof, about crypto. And there's work to be done to meet with policymakers around the world and educate them about what the AML skills are and what the positive benefits are. People in these countries generally really want  crypto . And to me that means that crypto will eventually be regulated and legal in most places in the free world and in most democracies, but it will take time for them to get comfortable with it.”


Despite the challenges, Armstrong said Coinbase will continue to launch in India. He added that the company is currently considering the best way to move forward, but is determined to start operations in the country. He concluded:


“We will start because it forces the discussion. Now the press in India is talking about it. Meetings are now taking place to talk about how to get to the next step. So that’s generally our approach to international expansion.”

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