Coinbase Delays Farewell to Indian Crypto Enthusiasts

Srishti Dey
Srishti Dey February 1, 2024
Updated 2024/02/01 at 8:13 AM

There’s a twist in the story for all Indian cryptocurrency enthusiasts! The international cryptocurrency exchange Coinbase has made the decision to prolong its farewell celebration by allowing Indian users additional time to say goodbye. They had been supposed to shut down on September 25, but now the deadline is October 31, 2023. There’s more to this story than meets the eye, so hold onto your virtual hats!

The Countdown Extension:

In a surprise move, Coinbase informed its Indian users through email that the good news had been announced. They are now free to dance with their cryptocurrency holdings till October. The email stated, “We have extended the timeline for closure of your above-mentioned Coinbase account to 31 October 2023 so that you are able to withdraw any funds, held in your account, by such date.” Therefore, if you were concerned about your finances, take a deep breath—you have a little additional time.

Options for withdrawal:

What should you do with your crypto assets during this prolonged celebration? Coinbase offers a solution for you, albeit it will cost you the standard network and transaction fees to move your money to other cryptocurrency wallets or services. One such choice is Coinbase Wallet. Like the baton being passed in a crypto relay!

Love for India for a Long Time:

Crypto exchange Coinbase clarifies discontinuation reports for Indian  users, states breach of standards as reason | Mint

Here’s when things start to get interesting. Coinbase is leaving a small love note behind, despite the fact that they appear to be leaving. According to the same email, “We are committed to India over the long term and continue to explore ways to strengthen our presence in this important market.” India’s cryptocurrency aficionados may have something to look forward to in the future.

Regulatory Issues:

In April 2022, Coinbase stepped foot in India for the first time, starting the Indian cryptocurrency tale. Initially, they intended to use UPI as a payment option for cryptocurrency transactions, but regulatory pressure forced them to abandon that idea. During an earnings call, CEO Brian Armstrong even revealed the information, referencing the Reserve Bank of India’s (RBI) “soft pressure” to stop accepting UPI-based payments.

The RBI, India’s central bank, has taken a cautious stance and has been closely monitoring the cryptocurrency market. In January 2023, Shaktikanta Das, the governor of the Reserve Bank of India, said that “if crypto is allowed in India, RBI will lose control over monitoring transactions.” Concerns regarding unbacked cryptocurrency and the items themselves were expressed by Deputy Governor T Rabi Shankar. It is obvious that the RBI wants to ensure that crypto complies with the law.

So, there you have it—Coinbase’s Indian journey is still ongoing. The Indian crypto stage is far from empty thanks to the prolonged deadline and the assurance of a long-term commitment. The RBI and crypto businesses are still engaged in a regulatory dance, and only time will tell how the music will conclude. Keep waiting for more twists and turns, Indian cryptocurrency fans, and keep hording!

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