At a time when the speculations are rife that the Indian government is coming up with a cryptocurrency bill to bar trading of private cryptocurrencies, Coinstore, the leading cryptocurrency exchange has started its operation in the Indian market. The platform has already launched its website and app in India as it plans to expand to other cities such as Mumbai, Bangalore, and New Delhi. These three cities will act as a primary expansion base for the company, as per the information provided by Coinbase’s top management.
It is important to note that a quarter of the total users of the cryptocurrency exchange comes from India and hence, it makes sense for the company to take its expansion plan in the country with all sincerity and efforts. The exchange says that it’s fully aware of the past flip-flops made by the Indian government on the policy regulations related to cryptocurrencies. Still, the platform is confident that the government of India will adopt a positive outlook towards digital coins and come up with a healthy framework that will encourage the entire ecosystem of cryptocurrencies to flourish in the country.
The Indian government is reportedly working to come up with regulations to put excess taxes on cryptocurrencies to discourage their use among investors and users. The government might impose capital gain taxes and as a result, it expects that the investors will be discouraged from investing in private coins.
Coinstore is planning to recruit a total of 100 employees in India and will be spending around $20 million in expansion activities that include the hiring, marketing, and development of the various products and services related to cryptocurrencies. It will be interesting to witness the shape of the final legislation put out by the Indian government related to digital currencies in the country. This will have far-reaching implications for the entire community of cryptocurrencies and the adoption potential of digital currencies around the globe.