Last month when US-based crypto exchange Coinbase Inc launched its India operations, CEO Brian Armstrong had said that the UPI payment option would be available for users here.

Within a few hours, the NPCI, the umbrella payments organisation which runs UPI, put out a statement that it was not aware of UPI being used by any crypto exchanges.

In a matter of days, Coinbase disabled the option to pay for crypto assets through UPI. This week, while addressing investors, Armstrong said that the reason for the debacle was "informal pressure" from the RBI.