The world’s largest cryptocurrency exchange Coinbase has had the taste of India’s unfriendly environment for digital tokens.
On April 10, the US-based crypto platform suspended the option to purchase cryptocurrencies through India’s widely-adopted instrument for digital payments, Unified Payments Interface (UPI), on its app in India. This comes merely four days after adding UPI support to Coinbase’s trading services in the country.
Coinbase, however, continues to support immediate payment service (IMPS) to sell tokens.
Coinbase’s long-term plan in India
Coinbase ventured into India around the time its regressive tax structure came into effect on April 1. The proposed 1% TDS, along with a flat 30% tax on income from crypto and other virtual digital assets, is likely to impede the popularity of virtual tokens.
However, Coinbase has a two-decade horizon. It has invested $150 million in two unicorn crypto exchanges—CoinSwitch and CoinDCX—through its investment arm Coinbase Ventures.
“We have just started our experiment. Our commitment is long-term. It is going to be a long journey. We want to be humble, respectful, and bring the technology in a trustworthy way,” Surojit Chatterjee, chief product officer at Coinbase, had said on April 7.
The company had been experimenting with a UPI rollout for a few users. Its CEO Brian Armstrong had said it plans to hire 1,000 people in India this year, in addition to the 300 full-time ones already employed.
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