Popular Bitcoin Company Coinbase Opens its Branch Office in India despite Cryptocurrency Ban Row.
The draft form from the Finance Ministry in India about banning digital currency seems to be big news in the cryptocurrency world. With this, the country intends to ban the use of digital currencies like Bitcoin. Amidst the row, we hear that a known bitcoin profit company of the west called CoinBase announced its presence in India. They have opened a company there in India, having its base in Hyderabad, and then will grow in other nations as well. This news came out when the company posted a number of their job openings in Indian for its day-to-day operations soon to begin in the country. They seemed to be the least bothered about the fact the country is on the brink of banning Bitcoin in India and so the other digital currencies in the nation. Well, let’s find out what bitcoin intends to do with having their offices in India in the following paragraphs:
Coinbase to Start its Shop in India
As per the latest buzz, we hear that Coinbase has officially embarked with the announcement saying that they intend to expand in India. The company came up with the statement last week. It states that the company is happy to announce that Coinbase is soon going to establish its presence of business in India. They are not setting up the housing for IT services along with adding up the engineering services, software development programs along with customer support operations in the country. We will also benefit from a wide range of world-class students from Engineering colleges in the country, claimed the statement. As we know, Indian colleges are known to produce some high-quality engineering and technology students. Thanks to their innovation in technology, the company feels to hire them with the help of roping in some of the best talents to help the company grow.
The statement also claimed that they would hire them and train them to deal with the global customers who would be interacting with the digital economy claims the statement. The company also claimed that they are now going to have their office in Hyderabad in the initial days and then hire the employees of Indian employees who are not linked with the Covid related issues. The company is not hiring people of higher positions through the social networking sites like LinkedIn. So the site has around 15 different openings for Coinbase in India. The company has its presence all along the US, UK, Japan, Ireland, Canada, Philippines, and Singapore, to name a few. The company has also embarked on local crypto exchange as well. The company also intends to expand its team once they have the first round of hiring done with the help of the current opening ads.
At the same time, the company is also gearing up for the first IPO or initial public offering through direct listing over Nasdaq that seems to have reportedly been pushed ahead after the US-based company called the Commodity Future Trading Commission seemed to have been fine with the amount of 6.5 M USD. The announcement that came with Coinbase was seen coming up with establishing the operations in the country, and then it came up with the regulatory uncertainty for digital currency. There are several reports that have come from the Indian government that is seen planning to ban digital currencies. A crypto bill was earlier seen getting introduced during the budget session of parliament, but at the same time, the session ended up with the bill still not presented on the table.
As per Nirmala Sitharaman, the FM of India, the bill talking about digital currency is yet to be finalized. She claimed that the government is not going to completely ban digital coin in the country; rather, they will only bar a few options with proper legislation. This is a simple act that would be brought to book only to avoid people taking for a ride to others. Even the RBI has some concerns regarding the digital currency that has made the government think about it and then come out of the bill. But as we see the FM claiming that it is not a total ban of digital currency, hence companies like Coinage would play in the area which would be allowed by the upcoming law. Perhaps the bitcoin profit company has an idea of which area to operate in India. Hence they are coming up with their branch in India. You can know more about this via a website like d-addicts.com.