Leading cryptocurrency exchange Coinbase has begun operations in India with a tech center which will cut across various sectors. The exchange’s decision to establish a tech center in the Asian country may not be unconnected to India’s latest favourable disposition towards cryptocurrencies. India is on the verge of passing a bill to regulate cryptocurrencies.
Coinbase’s tech center will feature expert teams in notable sectors such as blockchain, crypto, payments, data engineering, machine learning, etc. Coinbase already has major interests and stakes in the aforementioned sectors. The crypto will hire remote workers across the Asian country. Details of the announcement revealed that Coinbase will open more offices in vantage cities in India. It will be looking at acquiring startups with focus on its areas of interest. The crypto firm said the prospects for the tech center in India are really high.
Crypto Exchanges Looking to Begin Operations in India
India has become an option that most crypto exchanges are now considering. Although WazirX has established itself as the leading crypto exchange in the country, with more exchanges coming in, the competition will be fierce. India’s population makes it viable for Coinbase’s tech center. It has the second highest population after China.
Currently, it has a population of 1.38 billion people. While India is looking to make a u-turn on its hostile stance on cryptocurrency, its Asian counterpart has been doing otherwise. China has been doing the most on cryptocurrency, issuing bans frequently. Its latest ban is on Bitcoin mining, which has seen mining companies leave the country in droves. In contrast, India will be passing a bill to favour cryptocurrencies, according to confirmed reports. The Indian Parliament will be meeting this month to deliberate on the way forward.
India’s passive support for cryptocurrencies began with a court decision overturning a 2018 proscription on crypto-related activities by the government. The Supreme Court of India in March rendered the 2018 regulation void. India’s Reserve Bank refused to consider the court’s decision shortly after during a controversy, forcing India’s principal financial body to cite the March judgement as the status quo. While crypto exchanges are hankering to begin operations in India, reports have emerged that foreign crypto exchanges may pay 18% tax. This may discourage the potential influx as the tax threshold seems high.
Crypto Investments in India at the Peak
Meanwhile, the Asian country has witnessed more crypto investments than ever this year. Statistics put the percentage increase on crypto investments at 19,900%. This is an indication that despite the passive stance of the government, investors in the country prefer investing in crypto to stocks and other assets.
According to the same statistics, the number of crypto investors in the country now stands at 15 million. With the proposed regulation, the number may increase. Moreover, with Coinbase’s tech center, this will certainly bring more crypto and blockchain awareness to the massive population. It is noteworthy that Indians have been at the forefront of remote working. Thus, the employment opportunities, in view of the tech center, will be limitless.
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