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Coinbase Halts UPI Deposits in India following the NPCI Statement
Abstract：'Currently unavailable' error is displayed when users in India are attempting to deposit.
Local reports are suggesting India may not announce crypto regulations anytime soon.
Coinbase halts payments via Unified Payments Interface (UPI) on Sunday in less than 4 days after the its launch. Clients of the crypto exchange in India are unable to purchase cryptocurrencies via UPI as a payment method. 'Currently unavailable' error is displayed.
On 7 April the National Payments Corporation of India (NPCI) tweeted that it is unaware of any crypto exchange using UPI.
Coinbase response to the NPCI with the following statement:
“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.”
At the time of this writing, India-based users are unable to buy tokens via UPI (selling option is available). It is unclear whether it is related to a significant drop in crypto trading volumes following the 30% tax in India.
It has been reported that cryptocurrencies volumes dropped by as much as 55% following the new crypto tax. Mobikwik wallet, which has partnered with many crypto exchanges announced it is terminating its e-Wallet services from cryptocurrency exchanges.
It is possible that due to the NPCI statement on 7 April, banks may be blocking transactions to Coinbase via UPI. It is still unclear at this stage why depositing via UPI is disabled at Coinbase while some suggesting it is temporary.
India Cryptocurrency Regulations
According to local reports in India, the government may not announce any form of regulations on cryptocurrencies until there is a global consensus.
The assumption is that India is waiting for Europe and the US to announce their framework for regulating cryptocurrencies. India's central bank (RBI) opposes cryptocurrencies, stating that they are a threat to financial stability.
India's court however removed the restrictions that were imposed by the RBI in 2020. Since the India crypto market spiked by +641% from July 2020 to June 2021. It has been suggested that local banks side with the RBI's views on cryptocurrencies.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Further Reading
Pepperstone Review 2026: Massive Deposit & Withdrawal Complaints Against This Regulated Broker
Have you experienced issues with Pepperstone deposit & withdrawal processing? From your experience, do you feel that the Australia-based forex broker causes losses to its clients? Did the brokerage entity freeze your account and give you a margin call? All these trading allegations have been rampant on broker review platforms such as WikiFX. This Pepperstone review article takes a close look at the user complaints, especially in 2026. Additionally, we have given an overview of the regulatory framework under which the brokerage entity operates.
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Wundersys vs tradgrip: Two Offshore Newcomers Go Head to Head — and Neither Brings Home a Trophy
Some broker comparisons end with a confident "go with this one." This is not one of them — and that honesty is exactly what makes it worth reading. Wundersys and tradgrip are two young, offshore-registered brokers that keep popping up in front of beginner traders, often through aggressive online marketing. Both promise the usual buffet: tight spreads, generous leverage, multiple account tiers. And both, according to WikiFX, sit near the very bottom of the safety scale. So instead of crowning a champion, this comparison is really about something more useful: learning to read the warning signs, understanding the small differences that still matter, and knowing why "the better of two risky options" is still a conversation about risk.
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The 6 Lowest-Commission Forex Brokers South Asian Traders Are Flocking To in 2026
If you trade forex from India, Pakistan, Bangladesh, Sri Lanka, or Nepal, you already know the quiet truth that eats into every trader's results: it is not just the market that decides whether you profit — it is the cost of getting in and out of each trade. Shave a couple of dollars off your commission on every lot, multiply it across hundreds of trades a year, and you are looking at the difference between a strategy that works and one that bleeds out slowly. South Asian traders are some of the most cost-conscious in the world, and rightly so. So we pulled the data on the brokers most often recommended for the region, cross-checked every name on WikiFX, and ranked them by the one number that matters most here: what they actually charge you to trade. Before the list, one quick lesson that will make this whole ranking click.
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