Global crypto exchange Coinbase is going to stop its service in India. The crypto exchange has given information about this by mailing its users. In the mail, the exchange has advised customers to withdraw their money by September 25.
After September 25, users will not be able to access Coinbase's website and app in India. Before this, users can withdraw their entire money by selling crypto. If Coinbase users don't want to sell crypto, they can link their accounts to other crypto exchanges. Along with this, you can also transfer your money to that crypto exchange account.
Last year, the founder of the exchange, Brain Armstrong, came to India to officially launch the service of the exchange in India. He had announced that platform users in India will be allowed to add money through Unified Payment Interface (UPI).
However, after this announcement, NPCI banned UPI from all crypto exchanges.
Cryptocurrency is digital currency. Its transactions can be done worldwide through online medium. Encryption technology is used to regulate this. It is not issued by any central bank, credit institution or any e-money institution. In this sense, virtual currency is a form of uncontrolled digital money. It is issued and controlled by those who create it.
Many regulatory bodies of the world have warned against trading in the major cryptocurrency Bitcoin, while some countries are in support of it. In 2017, Japan gave Bitcoin the status of legal tender.