Coinbase halts crypto trading in India due to RBI's pressure

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.

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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.

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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.

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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.

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