Skip to main content

Coinbase Opens Office in India Despite Crypto Ban Reports

Coinbase Opens Office in India Despite Crypto Ban Reports

Cryptocurrency exchange operator Coinbase has announced that it is establishing a business presence in India. The company has also posted several job openings for its Indian operations despite reports that the government may ban cryptocurrencies.

Coinbase Sets up Shop in India

Coinbase has officially announced its expansion into India. The company said last week:

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.

“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 cryptoeconomy,” the announcement continues.

Coinbase further stated, “We expect to open a physical office, initially in Hyderabad, for Indian employees as Covid-related conditions allow.”

The company is also hiring for a number of positions. On Linkedin, for example, there are 15 job postings for positions with Coinbase in India. Besides India, Coinbase is actively hiring in the U.S., U.K., Ireland, Japan, Singapore, Canada, and the Philippines. The company has also invested in a local crypto exchange.

Meanwhile, Coinbase is currently preparing for an initial public offering (IPO) via a direct listing on Nasdaq, which has reportedly been delayed after the U.S. Commodity Futures Trading Commission (CFTC) fined the company $6.5 million.

The announcement by Coinbase to set up operations in India came amid regulatory uncertainty for cryptocurrency. There have been reports of the Indian government planning to ban cryptocurrencies. A crypto bill was supposed to be introduced during the Budget session of parliament but the session has ended and the crypto bill was not introduced.

According to Indian Finance Minister Nirmala Sitharaman, the crypto bill is being finalized. She explained that the government is not going to shut off all options and will take a calibrated approach to cryptocurrency legislation. However, the central bank, the Reserve Bank of India (RBI), has voiced some major concerns regarding cryptocurrencies to the government and RBI Governor Shaktikanta Das said that the central bank and the government are in agreement in their crypto approach. Most recently, the Indian government introduced new disclosure rules for companies dealing in cryptocurrencies.

What do you think about Coinbase establishing a business presence in India? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3wdZK4D
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more