Cryptocurrency has been the talk of the town for quite some time now. Masses are interested in the business because of the large number of bucks they can bring them. apart from this, crypto lets one transfer funds with great ease without the involvement of a third party such as a bank or a credit card company. Also, the cross-border fund transfer for international trade and other purposes becomes super convenient. Ethereum, Litecoin, Bitcoin, Ripple, Dash, Dogecoin, zCash, and Dash all fall under crypto. Bitcoin is one of the most famous ones and is largely used and talked about.
Richmond Super broker Goran Abramovich for one looks to explore the prospects offered by this cryptocurrency amidst the changing regulations in India.
Ever since the cryptocurrency made it to the world, it has met diverse reactions. Where some countries were open to accepting it the others came up with strict regulations restricting its use. Since the decentralized currency is not directly affected by governmental decisions, it continues to be popular in some parts of the world and not in others.
For instance, the United States has a relatively positive stance towards Bitcoin because they’ve allocated the job of Bitcoin regulation to certain governmental agencies. These work to prevent illegal transactions from making use of Bitcoins. US-based businesses such as Microsoft Store, Overstock.com, Subway, and Disha Network are accepting payments in Bitcoins. Australia, Canada, and Finland are also some that are bitcoin-friendly.
On the other hand, countries such as Russia, Bolivia, Vietnam, Ecuador, Columbia, and China have taken a harsh stance against digital tokens. China, in fact, cracked down on miners and placed a strict ban on cryptocurrency exchanges.
What India has to say about Crypto
India is arguably one of the most uncertain countries in terms of future Crypto regulations. The Indian government is currently looking forward to introducing a bill that is clearly not seen as ‘Bitcoin pro’.
Richmond Super broker, Goran Abramovich, says that if this bill makes it through the procedure, it will be the ‘world’s harshest bill’ against cryptocurrencies. His words are attributed to the fact that the draft suggests that India will not only ban mining and exchanges but also its possession and issuance. He further explained that before this China took a strong position against it but only by placing a ban on mining and trading.
This measure is in line with the government’s January’s agenda which called for placing a ban on all sorts of private digital currencies but recent statements by Indian officials have given birth to a ray of hope for investors. Although the Indian Finance Ministry is keeping from replying to emails seeking further details, many people think that there is a high probability of the bill being enacted into law. Unless an official statement comes out, air regarding further stances remains to be cleared.
What is Coinbase up to?
Amidst this state of uncertainty, CoinBase wants to involve India in its journey of expansion. Coinbase happens to be a US-based cryptocurrency exchange platform that operates remotely without any physical office. The firm, founded in 2012 by Brain Armstrong and Fred Ehrsam, is now the largest crypto exchange in the US in terms of trading volume.
Coinbase already enjoys a clientele of over 43 million users all around the globe. The company in the hope to further expand and hire more has already made it to Canada. But this isn’t it. In a blog post, which came out on the 24th of March, the company announced that they wish to hire individuals from India in an attempt to establish, what they call, a “business presence”. They said that the firm wants to make use of the “world-class engineering talent” of the country to power their IT support, Software development, and customer support segments.
Further in the post, it was clarified that they expect to open a physical office in Hyderabad for now keeping under consideration the Covid situation. India will make it to the list where the US, Ireland, Singapore, Japan, UK, and the Philippines already are. As of now, a total of 5 jobs have been posted on companies’ career pages which are open for Indians; Senior Backend Engineer, Software Engineer, Staff Software Engineer, Engineering Manager, and Product Manager.
This announcement came out at a time where the Indian Government is giving out rather “mixed signals” regarding the forthcoming status of crypto in the country. In recent statements, officials are found urging companies to declare crypto assets and transactions.
Abramovich, says that there is a high probability that the decision of the Indian Government does not impact Coinbase’s will to hire Indians but the net effect can only be evaluated once the actual position gets clear. Since the Indian bill is still not revealed, the world is counting on time to figure out where things are heading for Bitcoin and Coinbase in India.
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