Coinbase Announces Expansion to India Despite Regulatory Uncertainty in the Country

Coinbase Announces Expansion to India Despite Regulatory Uncertainty in the Country

World-renowned cryptocurrency exchange operator, Coinbase, has recently announced that it will be expanding its operations into India. The company also announced several job openings for its Indian expansion despite indications that the government plans on banning cryptocurrency use.

Coinbase noted in its official announcement that:

“We’re happy to announce that Coinbase is establishing a business presence in India. By housing some IT services, including engineering, software development, and customer support operations in India, we will benefit from its huge pool of world-class engineering talent.”

The announcement added that:

“India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the crypto economy,” the announcement continues.”

Coinbase also stated that it “expects to open a physical office, initially in Hyderabad, for Indian employees as Covid-related conditions allow.”

Meanwhile, the company also posted several job openings on Linkedin, including 15 postings for open job positions in India. Aside from that, Coinbase has announced job openings for other countries, including the US, the UK, Japan, Singapore, Canada, and the Philippines. Furthermore, the company has invested in a local cryptocurrency exchange in India.

In other news, Coinbase is preparing to get publicly listed on the Nasdaq via an initial public offering (IPO). However, this IPO has gotten placed on hold following a $6.5 million fine from the US Commodity Futures Trading Commission (CFTC).

Cryptocurrency Ban in India
Coinbase’s decision to expand its operations into India comes amid a shaky future for cryptocurrencies in the country, as the government has recently announced its plans to ban cryptocurrency use in the country.

Already, a cryptocurrency bill was supposed to get introduced during the Budget session of the Indian parliament. However, the session has ended without the bill getting introduced.

Indian finance minister Nirmala Sitharaman.

The Indian Financial Minister, Nirmala Sitharaman, the cryptocurrency bill is still undergoing finishing touches and will get introduced once completed. However, she asserted that the government would not issue a total ban across the country but would take a “calibrated approach to cryptocurrency legislation.”

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.