Coinbase, the second-largest crypto exchange by trade, has made yet another milestone by extending crypto services to its users in India starting Thursday, 7th April.
The news were made public by Brian Armstrong, the exchange CEO, during the India tech hub conference in Bangalore.
Armstrong’s tour to India
During his visit to India over the last few weeks, the CEO pledged his commitment to getting into a long-term Crypto Investment in India. Surojit Chatterjee, Coinbase’s Chief Product Officer, seconded Armstrong‘s sentiments at the same conference.
Coinbase is making an entry into the Indian Crypto market when the country has put stringent crypto laws. The stiff laws entail a 30% tax on crypto earnings as of 1st April and a debatable 1% tax deducted at source (TDS) that comes into effect by 1st July.
The Coinbase CEO acknowledged the current strict crypto laws in India that may pose a challenge to deploying crypto services in the Indian market. However, he remained optimistic concerning the same. He promised to work with crypto regulators and bank partners besides Indian people who have demonstrated interest in their crypto services and products.
On the other hand, Chatterjee demonstrated how to set up the Unified Payments Interface (UPI) payment method that the exchange will use. UPI is a peer-to-peer digitalized instant payment system that the central bank of India
regulates.
Armstrong said that India is willing to adapt to the UPI system in his final remarks. In addition, Chatterjee added that it would be a compulsory step to be taken before buying crypto. Also, the Chief Product Officer said the company had made heavy crypto investments of up to $150 million in more than 10 companies in India, including CoinDCX, Polygon, and CoinSwitch, among others.
Hardly a week ago, Coinbase announced its plans to hire 1000 job seekers in India to work at its tech hub.
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