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Coinbase clarifies on UPI after NPCI statement, says will work in keeping with local norms

NPCI, which operates and manages UPI, had issued a statement saying it was not aware of any crypto exchange using UPI

April 08, 2022 / 10:25 AM IST
Coinbase (Image: AP)

Coinbase (Image: AP)

US crypto exchange Coinbase said on April 8 that it is committed to working with the National Payments Corporation of India (NPCI) which manages and operates the widely adopted Unified Payments Interface (UPI)​.

The statement comes a day after Coinbase announced at an event in Bengaluru that it had commenced retail crypto trading in India and would allow users to purchase crypto via UPI, a widely-adopted payment mode that accounts for over 60 percent of retail transactions in the country. The event was attended by CEO Brian Armstrong and other senior company executives.

In response to the announcement, NPCI issued a clarification saying that "we are not aware of any crypto exchange using UPI".  Industry sources also told Moneycontrol that NPCI​’s stance is that UPI does not support crypto purchases.

"We are aware of the recent statement published by NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms," Nasdaq-listed Coinbase said in a statement.