Coinbase CEO says India central bank’s ‘informal pressure’ prompted trading halt

  • The Nasdaq-listed firm launched its eponymous crypto trading service in India to much fanfare on April 7.
  • The Reserve Bank of India had earlier banned cryptocurrency – a decision overturned by the nation’s apex court over two years ago – but the central bank continues to informally exert pressure on banks from engaging with cryptocurrency exchanges, TechCrunch reported earlier.
  • An executive at one of the cryptocurrency exchanges told TechCrunch that they too may challenge the central bank’s action in the court, but cautioned that such a court battle may take years and their businesses might get obliterated in that time, which is why the crypto players in India are hopeful that the central bank will relax its stance on its own in some time.