Even after Crypto Tax, Indians are facing issues with Buying and Selling Crypto
A few days before I have written a post about Coinbase starting UPI (Unified Payment System) and that was in a way good news for most Indians because they can buy and sell crypto using digital wallets. Now the news is coming up that Coinbase has suspended the UPI payment services in its Indian exchange because of the pressure from the government.
Pc: pixabay.com
The UPI payment services through UPI on Coinbase have been stopped just after 3 days after its launch. The problem is the government arm RBI has said that it does not recognize the legal standing of the crypto exchange and thus none of the crypto exchanges should use UPI, and thus with this statement the Coinbvase has to roll back its payment services in India.
And this is actually not new, even after the top court in India has put a hold on the Crypto ban, the Indian exchanges are facing this issues. There are a lot of reactions to this and one of them was from Aditya Singh, who stats
Coinbase disabled UPI service in India few days after NPCI statement.
This is not new, Indian exchanges have also been facing payment service problem since 2018.
Weird fact - Actual gambling apps get proper payment service support while crypto exchanges are being alienated.
https://twitter.com/CryptooAdy/status/1513174883903148033
- CryptooAdy
As Indians, we are accustomed to this instability and we know this government will never legalize the crypto. On one hand, they want the tax on the crypto and on the other hand, they are not allowing Indians to buy or sell crypto. With this type of regulation, there will be a fraud that the government is not recognizing. When you make it a legal tender, people will not do it hiddenly and in a way, it will be a big help to the Government because they will get that stable tax.
Now the problem is Gambling site has UPI payments which should be banned whereas Crypto which is not gamble is facing such problems in India. Hopefully, this government recognizes its mistake and course-corrects it otherwise it will be too late. Every other country is adopting Crypto and if you are not then you will face that problem going forward.