Coinbase Chief Flags ‘Shadow Ban’ on Crypto

Brian Armstrong the cofounder and chief executive of Nasdaq-listed cryptocurrency exchange Coinbase, has questioned the informal restrictions on crypto trading by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), saying they may be violative of a Supreme Court ruling. The apex court had, in an order in 2020, set aside a 2018 RBI circular that had prevented banks from letting customers use their accounts to send or receive funds for trading in cryptocurrencies. Tough questions, and good questions, for NPIC and RBI in India. Is their “shadow ban” a violation of the Supreme court ruling?” Arm strong tweeted on Tuesday. Armstrong was referring an ET news break, which said leading banks had questioned the shadow ban on crypto trading and asked NPCI to spell out in a formal directive the curbs on use of the popular Unified Payments In terface (UPI) railroad for buying and selling virtual digital assets, including crypto. Several banks have disabled UPI options for crypto-related payments following “verbal instructions” from NPCI. The RBI and NPCI were not immediately available for comment on if their actions violated the SC directive. Coinbase declined to elaborate. S-ET

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