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Virtual currency exchange Coinstore is now operating in India, even as the government is bringing bills. This is to effectively bar most private cryptocurrencies.
Furthermore, Coinstore launches its web and app platform and plans branches in Bangalore, New Delhi and Mumbai. Of course, these will serve as its base in India for future expansion, according to the management.
“With nearly a quarter of our total active users coming from India,..”
“it made sense for us to expand into the market,”
Then, Charles Tan, head of marketing at Coinstore explains.
Also, he also explains why Coinstore is launching India despite the pending clampdown on cryptocurrencies, saying.
“there have been policy flip-flops but we hope things are going to be positive and we are…”
“optimistic that the Indian government will come out with a healthy framework for cryptocurrencies.”
More so, the Government is planning to discourage trading in cryptocurrencies in India. That’s, through imposing harsh capital gains and other taxes on investors and traders.
Although, It is out to allow only a few certain cryptocurrencies to promote the underlying technology and its uses. This is according to a legislative agenda for the winter session.
Additionally, Mr Tan confirms that Coinstore plans to recruit about 100 employees in India. Then, use $20 million for marketing, hiring and development of crypto products and services for the Indian market.
Notably, Coinstore is the second global exchange to enter India in recent months. Of course, following in the pattern of CrossTower, which launched its local unit in September.
Lastly, with the price of the world’s biggest cryptocurrency, Bitcoin doubling since this year, many investors are having interest in the India crypto space.
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