Even though the government in India has announced legislation to ban most private cryptocurrencies, the cryptocurrency exchange Coinstore has launched its app and web platform on the market.
The company has high hopes that the government will provide a healthy and reasonable framework for crypto, so it decided to make this move.
Coinstore Goes Live in India
The cryptocurrency exchange platform Coinstore has decided to launch its operations in India. In fact, it has already launched its app and web platform, and has shared plans for opening branches in Mumbai, Bangalore and New Delhi. The company announced that it will also employ Indian citizens to work on the platform, as part of its future expansion strategy.
Coinstore’s Head of Marketing, Charles Tan, said that it made sense for them to expand in India, considering nearly a quarter of their users were Indian. Co-founder and Head Product, Jennifer Lu, added that they have decided to start local operations to fully support their users from the country.
The Singapore-based exchange platform, however, is launching its operations on the market at the worst time possible. As you know, the government has recently been vocal about planning and preparing legislation to effectively ban most private cryptocurrencies.
What About the Ban?
When asked why the company decided to launch in India when there was a pending ban on private cryptocurrencies, Charles Tan explained that they were optimistic the government would come up with a healthy framework for digital currencies, even though there have been some policy flip-flops. Tan is positive that things would work out, even though New Delhi announced its plans to discourage crypto trading by imposing capital gains and some hefty taxes.
But, considering the government hinted that it would allow certain cryptocurrencies to be allowed, as well as their underlying tech and its uses, and Coinstore announced that it would enable trading into over 50 cryptocurrencies, there’s still hope for Indian users.
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