NPCI refutes Coinbase CEO's comments on using UPI for crypto purchases

Speaking at Coinbase's India launch in Bengaluru on Thursday Brian Armstrong mentioned the use of UPI (unified payments interface) as a tool to drive crypto trades on their exchange. The National Payments Corporation of India (NPCI) which runs the UPI platform has since refuted the claim.

According to a statement, the NPCI said, "With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI.”

The specific moment that drew the NPCI's response is said to be when Coinbase CEO Brian Armstrong said, "India has shown a great willingness with UPI."

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Coinbase says it's committed to working with India's bank regulators, payment partners

A Coinbase spokesperson said, "As we enter the Indian market, we are actively experimenting with a number of payment methods and partners to enable our customers to seamlessly make their crypto purchases. One of these methods is UPI, a simple to use and rapid payment system. 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."

Coinbase, the cryptocurrency exchange that listed on the New York Stock Exchange last year, officially launched in India on Thursday. They have already hired 300 people, and are looking to hire another 1000 people by year end in the country.