Coinbase Introduces Direct INR Rails in India
- Coinbase has launched direct Indian rupee (INR) deposit and withdrawal capabilities using India’s Immediate Payment Service (IMPS).
- The exchange has set up dedicated INR order books, allowing users to trade directly in rupees.
- India leads globally in crypto adoption, with the market expected to reach $14.21 billion by 2034.
- Coinbase’s infrastructure upgrade follows its registration with India’s Financial Intelligence Unit for compliance monitoring.
- The move marks a significant change from Coinbase’s challenging entry into India in April of last year.
Coinbase’s launch of direct INR banking rails simplifies the onboarding process for Indian users by eliminating peer-to-peer intermediaries and allowing direct trades in rupees. This development comes as India maintains its position as the global leader in crypto adoption despite high tax rates on crypto gains.
The introduction of direct INR rails represents a technical milestone for international exchanges operating in India, facilitating easier access to global liquidity and trading at lower costs for users across the country. (Source)
