Specific Features of the Crypto Regulatory Framework in India
Coinstore representatives have stated that the $ 20 million (€ 17 million) fund dedicated to establishing the new offices would expand the company's human resources. Around 100 jobs have been created for local residents in the marketing, operations and customer service departments.
During the winter session the Indian parliament will present 26 new bills. One of these bills will include a ban on private cryptocurrencies and the creation of an official digital currency. However, this bill has not clarified the meaning of the word “private”. The announcement has already created quite a stir on cryptocurrency trading platform WazirX. Two hours after the announcement, investors began to sell assets quickly, causing a 14.8% drop in bitcoin prices.
Hopefully the Coinstore representatives will be able to reach an agreement with the Indian authorities and regulators . Otherwise, local residents may never have access to popular cryptocurrency-related services.
Entry Frequency: one-time
Facebook required: no
Twitter required: no