Crypto-exchange Coinbase Mulling India Office Despite Impending Ban
U.S.-based cryptocurrency exchange Coinbase is looking to set up operations in India despite the impending ban in the country. Coinbase announced in a blog post that it is establishing a business presence in India, with a physical office initially in Hyderabad.
However, the company is currently looking to house some of its IT services, including engineering, software development and customer support operations in India to benefit from its huge pool of world-class engineering talent.
Coinbase said it is looking forward to finding world-class talent to help the Coinbase group develop new ways for its customers to interact with the cryptoeconomy.
Though the new hires in India will have the option to work across various locations in the country, Coinbase expects to open a physical office, initially in Hyderabad, for Indian employees as COVID-related conditions allow.
In early February, the Government of India was in the process of taking the ordinance route to quickly impose a ban on the operation of private cryptocurrencies such as Bitcoin, in the country. The cabinet cleared the proposal to introduce the “Cryptocurrency and Regulation of Official Digital Currency Bill” via the ordinance route.
The government is fast tracking the bill and is looking to introduce the law within a month of passing the ordinance. The bill seeks to ban private cryptocurrencies while creating a framework for the official digital currency to be issued by Indian central bank, the Reserve Bank of India (RBI).
In India, the regulators and governments have been skeptical and are apprehensive about the risks associated with the ever popular private digital currencies, virtual currencies and cryptocurrencies.
Investors, crypto-exchanges and other entities had began dealing in the digital asset after India’s Supreme Court in early March 2019 struck down the RBI’s curbs on financial institutions under its preview to deal with cryptocurrencies. The RBI had imposed the ban in April, 2018, but it was effective from July 2018.
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