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Coinbase to Open India Branch Even as Potential Ban on Crypto Looms
The exchange wants "a business presence in India...housing some IT services, including engineering, software development and customer support."
Leading cryptocurrency exchange Coinbase plans to establish an outpost in India even as the country's government is preparing legislation that could ban cryptocurrency ownership.
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- A blog post published Thursday announced the establishment of "a business presence in India ... housing some IT services, including engineering, software development and customer support."
- As yet, there are no jobs posted in India listed on Coinbase's career page.
- However, the blog stated Coinbase's intention to open an office in Hyderabad "as COVID-related conditions allow."
- This comes despite great uncertainty over the future of cryptocurrency in India, with its government planning to introduce a bill that could see it banned outright.
- Signals are mixed for the time being on the issue because government officials' accounts differ on how far the legislation will go.
- A report Monday claimed the government is considering blocking internet protocol (IP) addresses of companies that trade cryptocurrency.
- Even if owning crypto is banned in the India, however, given the operations Coinbase is planning on locating there (engineering, software development and customer service) it's quite possible these operations would not be affected.
- Coinbase is working to boost its customer service operations in response to increased demand in crypto and delays in response time to client inquiries.
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See also: RBI Is Assessing Digital Rupee’s Impact on Financial Stability, Says Governor Shaktikanta Das
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