NPCI’s statement came after the US-based crypto exchange Coinbase launched its services in India on April 7. During the launch, it was announced that the crypto exchange, which is one of the largest in the world, would use UPI to enable rupee deposits on the platform. Coinbase co-founder and chief executive Brian Armstrong said, “We know it’s not going to be a straight shot to bring this technology (blockchain; in the region). We don’t know exactly how it’s going to evolve but we’re committed to working with bank partners, regulators, most importantly, the Indian people because they showed a real spark of interest in cryptocurrency and there’s a real desire to get access to some of these services and products… India has shown a great willingness with UPI.”