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economictimes.indiatimes.com:

Mumbai: In a strongly worded reaction to its recent run-in with the Indian central bank, Brian Armstrong, CEO and cofounder of Nasdaq-listed Coinbase said the company disabled its Unified Payments Interface (UPI) services because of “informal pressure” from the Reserve

. “So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there,” Armstrong said at the company’s earnings call to discuss the first quarter financial results on Tuesday. “India is a unique market, in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at the Reserve Bank of India, who don't seem to be as positive on it,” he added, responding to a question on what had happened in India

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ET was the first to report on April 10 that regulatory pressure had forced Coinbase to halt UPI payments in just three days. Coinbase’s launch of trading services in India on April 7 brought the useof UPI for crypto under the lens, we reported on April 9. This led to a domino effect, resulting in CoinSwitch Kuberalso disabling UPI access for its users on April 12, we first reported. UPI – a key digital payments railroad – is managed by the National Payments Corporation of India (NPCI) which comes under the ambit of the RBI. “And so they — in the press, it's been called a «shadow ban,» basically, they're applying soft pressure behind the scenes to