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Cryptocurrency trading operator Coinbase announced that it is establishing a business in India. Despite reports that the government may ban cryptocurrencies, the company has also posted some job openings for its Indian operations.
Coinbase has officially announced the expansion of its business to India. The company said last week:
We are pleased to announce that Coinbase is launching business in India. By providing some IT services in India, including engineering, software development and customer support businesses, we will benefit from its huge world-class engineering talent pool.
The statement continued: “India has long been a hub for engineering and technological innovation. We look forward to finding world-class talent to help Coinbase Group develop new ways to enable our customers to interact with the crypto economy.”
Coinbase further stated: “We hope to initially open a physical office for Indian employees in Hyderabad when Covid-related conditions permit.”
The company is still hiring for multiple positions. For example, on Linkedin, Coinbase India has 15 positions. In addition to India, Coinbase is also actively recruiting in the United States, the United Kingdom, Ireland, Japan, Singapore, Canada and the Philippines. The company has also invested in a local crypto exchange.
At the same time, Coinbase is currently preparing to conduct an initial public offering (IPO) through a direct listing on Nasdaq. According to reports, the transaction has been postponed due to the US Commodity Futures Trading Commission (CFTC) fined the company $6.5 million.
Coinbase announced the establishment of its business in India in the context of regulatory uncertainty regarding cryptocurrencies. There are reports that the Indian government plans to ban cryptocurrencies. The encryption bill should have been proposed during the parliamentary budget meeting, but the meeting has ended and no encryption bill has been proposed.
According to Indian Finance Minister Nirmala Sitharaman, the encryption bill is being finalized. She explained that the government will not close all options and will take a calibrated approach to cryptocurrency legislation. However, the Reserve Bank of India (RBI), the central bank of India, has expressed some major concerns about cryptocurrencies to the government. The Governor of the Reserve Bank of India Shaktikanta Das said that the central bank and the government have reached an agreement on its encryption method. Recently, the Indian government introduced new disclosure rules for companies engaged in cryptocurrency transactions.
What are your thoughts on Coinbase’s establishment of a business in India? Let us know in the comments section below.
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