NPCI criticizes Coinbase’s UPI-Buy feature
By MYBRANDBOOK
The National Payments Corporation of India (NPCI) refused to recognize Coinbase’s UPI-linked crypto-buying offering announced recently. NPCI said that it is not aware of any cryptocurrency exchange using the Unified Payments Interface for transactions. NPCI is an umbrella organisation for all retail payments and settlement systems in India.
Coinbase CEO Brian Armstrong recently announced that Indians will be able to buy crypto assets on its platform via the UPI method. As many as 157 crypto assets will be available to buyers on Coinbase app on day 1.
While addressing the event, Coinbase CEO Brian Armstrong announced the company’s ambitious plans to hire 1000 employees in India this year. Coinbase is offering “remote-first” jobs where visiting office for work will always be optional for the employees
Hours after Coinbase’s announcement, NPCI said in a statement, “With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI.”
In a clarification, the US-headquartered crypto exchange has said that it is experimenting with different payment methods and partners in India, in order to bring in more ways for Indians to purchase cryptocurrencies. Coinbase had been experimenting with UPI rollout for a few users on its platform for some time.
Surojit Chatterjee, Chief Product Officer at Coinbase said they are in talks with various banking partners in India to make it easy to buy crypto by paying in INR. He also said that Coinbase will follow all legal and regulatory norms while enabling users to buy crypto in an easy and trustworthy way.
Meanwhile, the Indian government has imposed a 30 percent tax from any profits generated via crypto trading, and 1 percent TDS on every intraday crypto transaction, starting April 1. Failing to comply with the new tax rules could land violators in jail for up to seven years.
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