Coinbase is trying to enter Indian market?

[Bitcoin Smith]

Coinbase eyes reentry to India

Mostly, a speculation started due to the US visit by PM Modi?

But what are the chances for the Biggest exchange to enter Indian market, it's not like they never tried, did some efforts in the past but not able to proceed and now they are coming back again to utilize the bull run on the most populated country?

Current situation must be the toughest time period for crypto related platforms to enter in India due to the strict regulations of FIU but let's see if Coinbase is determined enough to crack it.

[pawanjain]

Coinbase eyes reentry to India

Mostly, a speculation started due to the US visit by PM Modi?

But what are the chances for the Biggest exchange to enter Indian market, it's not like they never tried, did some efforts in the past but not able to proceed and now they are coming back again to utilize the bull run on the most populated country?

Current situation must be the toughest time period for crypto related platforms to enter in India due to the strict regulations of FIU but let's see if Coinbase is determined enough to crack it.

It could be because we didn't have the FIU regulations earlier and any taxation policy from the government.
Now that both of these are on place, it could be that Coinbase wants to take advantage of the situation.
But do you really think Coinbase entering India would really change anything for Indians ?

[TheUltraElite]

Coinbase maybe entering India, we dont know what the Modi visit to US might actually bring back. Trump is interested in crypto and he might push the Indian government to go that way, which is a win-win for us here.

If CB does set up office here, we are in for nice treats from the governments as they have to support new businesses and eventually have to reduce the taxation spike on crypto. Fingers crossed as we might get a new mouthpiece for the crypto community in India.

[Bitcoin Smith]

It could be because we didn't have the FIU regulations earlier and any taxation policy from the government.
Now that both of these are on place, it could be that Coinbase wants to take advantage of the situation.
But do you really think Coinbase entering India would really change anything for Indians ?

Possibly yeah, since we have something to call as taxation even if it's not the optimal rate, things are settling down, exchanges complying with FIU and started operating so why not coinbase.

I am not sure what changes will bring but it's big news that coinbase entering india if it's real and soon this will knock some influence on all the levels which may bring something positive??? Hopefully...

[pawanjain]

Coinbase maybe entering India, we dont know what the Modi visit to US might actually bring back. Trump is interested in crypto and he might push the Indian government to go that way, which is a win-win for us here.

If CB does set up office here, we are in for nice treats from the governments as they have to support new businesses and eventually have to reduce the taxation spike on crypto. Fingers crossed as we might get a new mouthpiece for the crypto community in India.

I am failing to understand the motive behind this. Why would Coinbase want to open an office in India ?
While other popular exchanges are migrating to foregin countries why would a US company want to establish it's operations in India ?
If a big company like Coinbase can think of opening an office in India what's stopping exchanges like KuCoin, Zebpay etc... to not resume their operations in India.

[Bitcoin Smith]

Coinbase maybe entering India, we dont know what the Modi visit to US might actually bring back. Trump is interested in crypto and he might push the Indian government to go that way, which is a win-win for us here.

If CB does set up office here, we are in for nice treats from the governments as they have to support new businesses and eventually have to reduce the taxation spike on crypto. Fingers crossed as we might get a new mouthpiece for the crypto community in India.

I am failing to understand the motive behind this. Why would Coinbase want to open an office in India ?
While other popular exchanges are migrating to foregin countries why would a US company want to establish it's operations in India ?
If a big company like Coinbase can think of opening an office in India what's stopping exchanges like KuCoin, Zebpay etc... to not resume their operations in India.

India is a place to make shit load of money so it's a dream place to operate for any company. India with the population of 1.4 billion and counting majorly occupied by the middle class who are the one will try things to get rich and trading will be an obvious choice for them. Kucoin is operating in India too? I thought they complied to FIU regulations even prior to Binance so they can operate if they want. Why exchanges leaving the country is because of the government which seeks access for sensitive data, some company might not be comfortable with sharing them to a government.

[pawanjain]

Why exchanges leaving the country is because of the government which seeks access for sensitive data, some company might not be comfortable with sharing them to a government.

So in that case, if Coinbase shares our data to the government, would you still continue to use their services ?
I know some people will feel comfortable to share their data with them for the ease of convenience but others won't.
On the flip side, it might engage more number of people towards crypto if Coinbase does a really good job with INR transactions.
We have seen WazirX, Zebpay earlier facing issues with INR deposits/withdrawals but if Coinbase solves this then it might attract a new set of users towards Indian crypto community.

[Bitcoin Smith]

Why exchanges leaving the country is because of the government which seeks access for sensitive data, some company might not be comfortable with sharing them to a government.

So in that case, if Coinbase shares our data to the government, would you still continue to use their services ?
I know some people will feel comfortable to share their data with them for the ease of convenience but others won't.
On the flip side, it might engage more number of people towards crypto if Coinbase does a really good job with INR transactions.
We have seen WazirX, Zebpay earlier facing issues with INR deposits/withdrawals but if Coinbase solves this then it might attract a new set of users towards Indian crypto community.

Any exchange that enables buying and selling of crypto to INR directly instead of P2P will gain traffic cause that's where we have most of the issues like bank account freeze, scam attempts, charge backs. So if coinbase can do that then it's going to be a strategical move. Sharing the users data is okay and every government does that but what if the government asking their financial records even the coinbase won't be comfortable sharing their financial records to a government.

[pawanjain]

Any exchange that enables buying and selling of crypto to INR directly instead of P2P will gain traffic cause that's where we have most of the issues like bank account freeze, scam attempts, charge backs. So if coinbase can do that then it's going to be a strategical move. Sharing the users data is okay and every government does that but what if the government asking their financial records even the coinbase won't be comfortable sharing their financial records to a government.

I don't agree with the bank account freeze part because I belive we have bank account freeze related issues when we use P2P.
If we are using services from a provider like a crypto exchange then I don't think the banks should freeze our accounts because the money is coming from the exchange which has now accepted the FIU regulations as well.
When it comes to  P2P, we don't know what is the source of income and this increases the risk of getting our bank accounts frozen.

[Bitcoin Smith]

Any exchange that enables buying and selling of crypto to INR directly instead of P2P will gain traffic cause that's where we have most of the issues like bank account freeze, scam attempts, charge backs. So if coinbase can do that then it's going to be a strategical move. Sharing the users data is okay and every government does that but what if the government asking their financial records even the coinbase won't be comfortable sharing their financial records to a government.

I don't agree with the bank account freeze part because I belive we have bank account freeze related issues when we use P2P.
If we are using services from a provider like a crypto exchange then I don't think the banks should freeze our accounts because the money is coming from the exchange which has now accepted the FIU regulations as well.
When it comes to  P2P, we don't know what is the source of income and this increases the risk of getting our bank accounts frozen.

Perhaps you misread my point, I said that scams are happening because of P2P so if there's an exchange that provides crypto to INR pairs will eliminate the scams because exchanges are responsible for all their payment routing sonwe end user won't be having bank freeze and that's what the coinbase should provide to attract the customers.

[TheUltraElite]

I said that scams are happening because of P2P so if there's an exchange that provides crypto to INR pairs will eliminate the scams because exchanges are responsible for all their payment routing sonwe end user won't be having bank freeze and that's what the coinbase should provide to attract the customers.

P2P will always have scammers, but what they really want to do is guesswork at present. Consider the fact that they run exchanges in other countries they will probably do the same here too. Also consider the fact that Indian based exchanges have became bankrupt in the last bear run, this one is trying to enter that power vacuum at this time.

Only time will tell, but I hope they manage to bring do the taxation on crypto.

[Bitcoin Smith]

Only time will tell, but I hope they manage to bring do the taxation on crypto.

Even if it doesn't help the changes with the taxation the fame that comes with the US company has its benefits.

Also coinbase is very selective when it comes to choosing where they want to operate and if they are doing it in India then it shows something to the world as well, there's a market to grab and many more crypto related platform and services will emerge.

But that's possible with the right policies drawn from government, currently we are not that best when it comes to supporting any startups.

[pawanjain]

Only time will tell, but I hope they manage to bring do the taxation on crypto.

Even if it doesn't help the changes with the taxation the fame that comes with the US company has its benefits.

Also coinbase is very selective when it comes to choosing where they want to operate and if they are doing it in India then it shows something to the world as well, there's a market to grab and many more crypto related platform and services will emerge.

But that's possible with the right policies drawn from government, currently we are not that best when it comes to supporting any startups.

So that's the obstacle that Coinbase will have to face. Operate in a largely populated country which has a good number of crypto users but has hard anti-crypto policies from the government.
If Coinbase somehow performs well in this market, it will pave way for other crypto exchanges to start their operations as well.
Only two things can happen, either Coinbase will fall hardly just like other crypto exchanges in India or will emerge as a leader for them.

[Bitcoin Smith]

Update:



I guess, it's a big news, we were talking that they were active with the process of obtaining the license, and now it's almost official. If they are really interest to attract the Indian crypto users then they must bring back BTC/INR pair.

Now the main question, are they big enough to alter the 30% tax rates?

[TheUltraElite]

So it looks like my prediction was in the correct line. This might be just the start of a new chapter in crypto in India with the US being pro-bitcoin, most other countries will have to follow suit and then the taxation and all that can be taken care off.

Keep holding on to those coins folks.

[pawanjain]

Update:

snip

I guess, it's a big news, we were talking that they were active with the process of obtaining the license, and now it's almost official. If they are really interest to attract the Indian crypto users then they must bring back BTC/INR pair.

Now the main question, are they big enough to alter the 30% tax rates?

So it looks like my prediction was in the correct line. This might be just the start of a new chapter in crypto in India with the US being pro-bitcoin, most other countries will have to follow suit and then the taxation and all that can be taken care off.

Keep holding on to those coins folks.

I was just having a discussion with @liber19 on the other thread Have you tried looking for jobs in crypto companies ? where I mentioned that Coinbase is offering multiple positions in India for developers, testers, managers etc...
So yeah, this is kind of official now that Coinbase is now fully prepared to start it's operations in India.
It's just a matter of time now before we see it in action. I personally believe this will create a significant jump in USDT INR pair.
Not sure if bitcoin price will be pumped too much but may be can see a short spike in it too.

[memehunter]

Bhai coin BASE se kaam chalega ab to koi home made BASE hi chaiye is pizza ke liye jo bilkul fresh ho innovation me. jab tak koi social problem solving indigenous startup nhin ayega jo ki crypto se real problem solve kare tab tak aisa hi chalta rahega. Itni sari oppertunities hain apne desh me jo ki crypto ko use kar sakti hain but jab tak in cenrtalised exchanges ka dabdaba rahega aise hi rahega, Inhe bus profit maximaization se matlab h na ki crypto ko mainstream karne se.