Coinbase Enters India Despite Proposed Ban Reports
Coinbase, one of the largest cryptocurrency exchanges in the United States by trading volume has set up a base in India. All of this happened even when there is a proposed ban scare going around in the country. Honestly, Indians are now used to this.
Indian Crypto Timeline
2016 - The Year of Great Indian Demonetization Fail! On November 8, 2016 Government of India declared High-Value banknotes of Rs 500, Rs 1,000 notes would turn invalid by midnight. It caused mayhem and several people lost their businesses and jobs. India is a poor country that runs on a lot of cash. Their money turned worthless overnight.
2017 - This was the year when the price of Bitcoin went from $900 to $20,000. The whole world got the taste of the Cryptocurrency space. It attracted a lot of investors from India as well. A lot of Crypto start-ups & exchanges emerged to serve the Crypto Economy in the country.
- Nov 2017 - The government of India formed a committee to discuss the future of Cryptocurrencies in India & propose an actionable report.
2018 - Reserve Bank of India issued a circular preventing banks from hosting accounts of companies doing Crypto-related activities. That's when the crypto crash happened and there was a market bloodbath. Another overnight sensation and suddenly crypto scene in India was dead. Exchanges quit or moved out of the country for other avenues. The same year a consortium of crypto exchanges and startups filed a petition in the Supreme Court against this move.
2019 - Remember the committee that was formed by GOI at the end of 2017. They took a whole damn year to finally submit a report and asked a BAN on Crypto in India. Official. Sealed! This based on 'no' in-depth research whatsoever.
2020 - On March 4, 2020, the Supreme Court of India decided to remove the BAN on Crypto and termed it as unconstitutional. 😎 CRYPTO BOOM in the country followed. We know what happened with Bitcoin since then.
2021 - Several government officials, through mass media, confirmed that they will introduce a bill to put a ban on any 'PRIVATE' cryptocurrencies and create a 'sovereign digital currency'. What does that even mean? You are going to create a digital form of INR. That's it! Bitcoin and most cryptocurrencies are not private at all. They are OPEN SOURCE. I am 100% sure Digital INR will be a private puppy of the government if it ever comes. 😂
The fate of Crypto in India is fuzzy. While govt. officials are against it, there is a huge number of people using various forms of Crypto related services. And it continues!
Indian crypto community has grown to include over 10 Million HODLers holding assets worth $1 Billion+, 300+ startups generating tens of thousands of jobs and hundreds of millions of dollars in revenue and taxes. Positive crypto regulation is the need of the hour for India.
- Nischal Shetty, CEO of WazirX, India's biggest Crypto Exchange.
Coinbase Enters India
Coinbase entering India is a positive sign even if they are just going to leverage the local talent for their operations spread over multiple domains. A Crypto Exchange will create a Crypto economy, at least for the hired employees, and that's a huge founding step towards adoption.
By housing some IT services, including engineering, software development, and customer support operations in India, we will benefit from its huge pool of world-class engineering talent.
- Coinbase Blog
The company is choosing the city of Hyderabad to set up its first physical office in India. Employees will be allowed to work remotely from the place of their choice. Coinbase works on a remote-first model without an official physical headquarters.
India has seen many big crypto exchanges entering into the past through various sources. Like in 2019, Binance acquired WazirX which is currently the biggest exchange available to the Indian market. With Coinbase having more than 43 Million users, it will definitely get a lot of attraction from the investors. It was estimated that by 2023, there would be over 650 million internet users in the country. Just do the math of possibilities!
Personally, I am hoping for a more liberal approach towards Crypto & Blockchain by the Government. It will only benefit the poor performing economy and provide jobs/extra income to several talented people who are currently unemployed or underpaid. I am keeping my fingers crossed and USDT wallet full. Buying opportunities might come if they decide to go for the BAN.
India Wants Crypto
Indian Wants Crypto is a crowd-sourced campaign where anyone can send an Email to the Member of Parliament of their area, urging them to support crypto.
#IndiaWantsCrypto & #IndiaWantsBitcoin are the two tags that are currently used on Twitter to club information around the crypto scene. So if you are in Indian or you want to Crypto community of India then use these tags to raise your voice. It matters!
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