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From Launch to ‘Shadow Ban,’ Coinbase Halts Trading in India

Coinbase (NASDAQ:COIN) halts crypto trading in India. Coinbase CEO Brian Armstrong said that there is “informal pressure” from the RBI. RBI’s action “may...
From Launch to ‘Shadow Ban,’ Coinbase Halts Trading in India © Reuters From Launch to ‘Shadow Ban,’ Coinbase Halts Trading in India

  • Coinbase (NASDAQ:COIN) halts crypto trading in India.
  • Coinbase CEO Brian Armstrong said that there is “informal pressure” from the RBI.
  • RBI’s action “may actually be in violation” of the Supreme Court ruling,” he added.

Brian Armstrong, CEO of Coinbase crypto exchange, informed that his company ceased trading crypto services in India. Armstrong says that this abrupt halt is due to “informal pressure” from the Reserve Bank of India (RBI), India’s central bank that regulates the country’s banking system.

Armstrong remarked about the issue while addressing Coinbase’s Indian episode. A few days ago, he questioned the RBI and the National Payments Corporation of India (NPCI) for their informal restrictions on cryptocurrency trading in the country.

Last month, Armstrong tweeted, “Tough questions and good questions, for NPCI and RBI in India. Is their “shadow ban” a violation of the supreme court ruling?”

Recently, Coinbase started crypto trading in India with much fuss on April 7, 2022. It clung to the motto, “Come, let’s get started!” The Nasdaq-listed company and the second-largest internet platform allowed users to purchase crypto tokens using UPI, an instant real-time payment system in India.

According to a Coinbase blog, the company has invested $150 million in native Indian technology firms in the crypto and web3 space.

Notably, crypto trading in India has been prone to restrictions and bans, where the RBI and finance ministry pointed to the financial threats to the country as the reason. Despite all this, in the Union Budget 2022, the finance minister declared introducing digital currency, including crypto, but with a 30% tax imposed.

Additionally, the Goods and Services Tax (GST) Council is expected to impose a 28% tax on cryptocurrencies. Former RBI Governor Raghuram Rajan earlier remarked that cryptos are not a safe investment for people with limited resources.

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27-05-2022 12:49:16 (UTC+7)

EUR/USD

1.0752

+0.0028 (+0.26%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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EUR/USD

1.0752

+0.0028 (+0.26%)

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↑ Sell

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Sell (12)

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GBP/USD

1.2643

+0.0049 (+0.39%)

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USD/JPY

126.82

-0.32 (-0.26%)

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↑ Buy

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Buy (9)

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AUD/USD

0.7130

+0.0032 (+0.45%)

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USD/CAD

1.2757

-0.0015 (-0.12%)

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EUR/JPY

136.37

+0.03 (+0.02%)

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Neutral

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EUR/CHF

1.0304

+0.0016 (+0.16%)

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Gold Futures

1,851.88

+4.28 (+0.23%)

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Silver Futures

22.105

+0.140 (+0.64%)

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Buy

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Copper Futures

4.2748

+0.0016 (+0.04%)

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Crude Oil WTI Futures

113.97

-0.12 (-0.11%)

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Brent Oil Futures

114.09

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Natural Gas Futures

8.820

+0.011 (+0.12%)

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US Coffee C Futures

225.78

+8.73 (+4.02%)

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Euro Stoxx 50

3,740.31

+92.75 (+2.54%)

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Sell

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S&P 500

4,057.84

+79.11 (+1.99%)

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DAX

14,231.29

+223.36 (+1.59%)

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FTSE 100

7,564.92

+42.17 (+0.56%)

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Hang Seng

20,527.00

+410.80 (+2.04%)

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US Small Cap 2000

1,838.24

+39.07 (+2.17%)

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Buy

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IBEX 35

8,888.80

+128.60 (+1.47%)

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BASF SE NA O.N.

50.790

+1.325 (+2.68%)

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Neutral

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Bayer AG NA

65.90

+2.12 (+3.32%)

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↑ Buy

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Allianz SE VNA O.N.

198.80

+1.32 (+0.67%)

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Adidas AG

176.76

+4.68 (+2.72%)

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Deutsche Lufthansa AG

6.850

+0.073 (+1.08%)

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Siemens AG Class N

118.52

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Deutsche Bank AG

10.414

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 EUR/USD1.0752↑ Sell
 GBP/USD1.2643↑ Sell
 USD/JPY126.82↑ Buy
 AUD/USD0.7130↑ Sell
 USD/CAD1.2757↑ Buy
 EUR/JPY136.37Neutral
 EUR/CHF1.0304↑ Buy
 Gold1,851.88↑ Sell
 Silver22.105Buy
 Copper4.2748↑ Sell
 Crude Oil WTI113.97↑ Sell
 Brent Oil114.09↑ Sell
 Natural Gas8.820↑ Sell
 US Coffee C225.78↑ Sell
 Euro Stoxx 503,740.31Sell
 S&P 5004,057.84↑ Sell
 DAX14,231.29↑ Sell
 FTSE 1007,564.92↑ Sell
 Hang Seng20,527.00↑ Sell
 Small Cap 20001,838.24Buy
 IBEX 358,888.80↑ Sell
 BASF50.790Neutral
 Bayer65.90↑ Buy
 Allianz198.80↑ Buy
 Adidas176.76↑ Buy
 Lufthansa6.850↑ Buy
 Siemens AG118.52↑ Buy
 Deutsche Bank AG10.414↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,940
(10/ 20) # 1,728
SJC HCM6,840/ 6,940
(10/ 10) # 1,729
SJC Hanoi6,840/ 6,942
(10/ 10) # 1,731
SJC Danang6,840/ 6,942
(10/ 10) # 1,731
SJC Nhatrang6,840/ 6,942
(10/ 10) # 1,731
SJC Cantho6,840/ 6,942
(10/ 10) # 1,731
Cập nhật 27-05-2022 12:49:18
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$1,855.38+2.460.13%
Live 24 hour Gold Chart
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RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
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WTI$112.87+0.120.10%
Brent$114.04+0.40.35%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.030,0023.340,00
EUR24.263,1125.622,23
GBP28.523,9629.740,84
JPY177,60188,03
KRW15,9119,38
Cập nhật lúc 12:42:19 27/05/2022
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