Coinbase CEO says India central bank's informal pressure' prompted trading halt
The Nasdaq-listed firm launched its eponymous crypto trading service in India to much fanfare on April 7.
The app allowed users in the world's second largest internet market to buy crypto tokens using UPI, a highly popular Indian payments infrastructure built by a coalition of retail banks.
The Reserve Bank of India had earlier banned cryptocurrency - a decision overturned by the nation's apex court over two years ago - but the central bank continues to informally exert pressure on banks from engaging with cryptocurrency exchanges.
This pressure - and the banks' compliance - is the reason why popular cryptocurrency exchanges in India periodically face issues with supporting fiat currency in the country.