Crypto-currency exchange operator Coinbase has announced the opening of its commercial presence in India. The company also posted several open positions to operate in India, despite reports that the government might ban cryptocurrencies.

Parts depot in India

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

We are pleased to announce that Coinbase is opening its commercial presence in India. By locating certain IT services, including engineering, software development and customer support, in India, we are able to tap into a huge pool of world-class engineering talent.

India has long been known as a hub of engineering and technological innovation, and we look forward to helping world-class talent Coinbase Group develop new ways for our customers to engage in the crypto economy, the announcement continued.

Coinbase also explains: We plan to open a physical office, initially in Hyderabad, for Indian employees as soon as Covid conditions allow.

The company is also recruiting for a number of positions. For example, on Linkedin, there are 15 vacancies for Coinbase positions in India. In addition to India, Coinbase is actively recruiting in the US, UK, Ireland, Japan, Singapore, Canada and the Philippines. The company has also invested in a local cryptocurrency exchange.

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

Coinbase’s announcement to open stores in India comes amid uncertainty over the regulation of crypto-currencies. According to reports, the Indian government is considering a ban on cryptocurrencies. The crypto currency bill was supposed to be introduced during the House budget session, but the session ended and the crypto currency bill was not introduced.

According to Indian Finance Minister Nirmala Sitharaman, work on the crypto currency bill is almost complete. She said the government is not ruling out all options and will take a calibrated approach to crypto currency legislation. However, the central bank, the Reserve Bank of India (RBI), has raised some serious concerns about cryptocurrencies with the government. RBI Governor Shaktikanta Das said the central bank and the government are aligned in their approach to cryptocurrency security. Recently, the Indian government introduced new disclosure rules for companies using cryptocurrencies.

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

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