Popular US cryptocurrency exchange Coinbase has announced that it is establishing a business presence in India. The company is now looking for hiring in India. This is striking as there is significant uncertainty in the country about a possible ban on cryptocurrencies.
The crypto company announced this in a blog post. It became clear that Coinbase intends to house a number of IT services in India, including engineering, software development, and customer support. The company reports that the country offers a vast pool of high-level technical talent, making this a logical choice.
India has long been known as a center for technical and technological innovation. We look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the crypto economy.
Although this will have to fill new vacancies, there does not seem to be any vacancies uploaded by Coinbase that are specific to India.
In addition to expanding into India, Coinbase is now also looking for additional staff in Canada, the Philippines, Ireland, Singapore, Japan, and the United Kingdom (UK). Coinbase seeks to expand the geographic diversity of its workforce significantly.
Surprisingly, Coinbase is now taking this step, as there is a great deal of uncertainty about India’s cryptocurrency industry. As there is already a bill for a possible crypto ban. That, if approved, would ensure that residents of India cannot own or mine crypto. Trading cryptocurrencies could also be penalized.
The question is whether a complete crypto ban will take place or not. The Minister of Finance of India has recently announced that the crypto industry is currently not at risk. Therefore, it is expected that the Indian government will come up with a regulatory framework that will limit some matters, and there will not be a complete ban.
Regulation in favor of national digital currency?
Crypto regulations may be designed to give priority to a national digital currency. For short, the Reserve Bank of India, or RBI, may issue Central Bank Digital Currency (CBDC).
Meanwhile, Coinbase is moving into stock exchange listing, with limited trading of Coinbase stock in private markets suggesting the company could be valued at more than $100 billion (USD).