Coinbase setting up their branch in India despite uncertainty in Crypto regulation

The US based cryptocurrency exchange platform Coinbase is planning to set up a business presence in India. They are intending to open an office in Hyderabad, Telangana. Hiring is already on for this. Coinbase is doing so even after knowing about the uncertainty for the digital assets around the country’s stance.

The crypto company has announced it with a blog post highlighting that they are going to house several IT services in India such as software development, engineering, and customer support. The crypto company revealed that India has a vast pool of highly talented technician, which makes choosing this country a logical choice. They highlighted that they are looking for such new talents in order to find new ways to interact with crypto economy.

Founded in 2012, Coinbase offers its users a platform to sell and buy a number of cryptocurrencies including Ethereum, Bitcoin, Litecoin, XRP etc. This is the largest cryptocurrency exchange company with about 43 million users around the globe.

Coinbase’s blog post further suggests that the company will need to fill the new vacancies also. However, there are no vacancies uploaded by Coinbase particularly for India. Along with India, they are looking for staff additionally in Ireland, Canada, Singapore, Philippines, Japan and United Kingdom (UK). Therefore, it can be said that Coinbase wants to expand their company geographically with their workforce.

There is a huge uncertainty in the Crypto industry right now. There can be complete ban on crypto exchange in India. A bill for Crypto ban is already doing rounds and if it gets approved, then it means that the Indian residents will not be able to own or mine any kind of cryptocurrency. Also, the people who will trade cryptocurrencies will also get penalized.

However, it is not certain yet that if there will be a complete ban or not. The minister reported that cryptocurrency is not at risk for now. So, a framework can be expected which will set some limits and cryptocurrency will not be completely banned.

 

Author: Aushini Das

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