Coinbase India Relaunch

[pawanjain]

Coinbase has started it's operations in India this time with INR support. Something that we have been waiting for quite a while now.
Users will have to go through full KYC procedure though and that's something that not many will encourage.
Yet, those who comply, will get a fully established reputed exchange allowing direct IMPS transfers for deposit and withdrawals.
They will also have INR pairs with cryptocurrencies just like how other Indian exchanges have.
It will be interesting to see how the Indian banks and RBI will take this as we all know they are not a fan of crypto exchanges.

[Bitcoin Smith]

~
It will be interesting to see how the Indian banks and RBI will take this as we all know they are not a fan of crypto exchanges.

Coinbase must be complied to everything that FIU asked for that is why they get the nod for the relaunch and it must be good news for the p2p traders and okay with paying 30% tax, because we have a few indian exchanges that have direct INR support but got mostly negative feedback with the delays and pending deposits, which will not happen with Coinbase.

I also saw the article on Cointelegraph, but we don't know yet about the catches in their system. Usually, if an exchange supports direct INR support then the withdrawal of crypto will be disabled.

[Cointikka]

It is good to hear that Coinbase is coming back to India, but there will be a catch. I agree that complete KYC will be mandatory, but the pairing in INR and INR withdrawal will have a catch. The RBI has many times in the past asked the central government to ban crypto and has always created issues with bank deposits and withdrawals. This time, there might be some catch or some kind of negotiation that Coinbase might have had with the government. I hope this time they stay here for long as India has one of the biggest crypto community in the world.

[pawanjain]

~
It will be interesting to see how the Indian banks and RBI will take this as we all know they are not a fan of crypto exchanges.

Coinbase must be complied to everything that FIU asked for that is why they get the nod for the relaunch and it must be good news for the p2p traders and okay with paying 30% tax, because we have a few indian exchanges that have direct INR support but got mostly negative feedback with the delays and pending deposits, which will not happen with Coinbase.

I also saw the article on Cointelegraph, but we don't know yet about the catches in their system. Usually, if an exchange supports direct INR support then the withdrawal of crypto will be disabled.

Yeah that's there for sure. FIU compliance is absolutely necessary to operate in India and so Coinbase would have definitely went through that.
It will be a good option for those people who are no hesitant to undergo KYC procedure and pay tax on their crypto profits.
Currently, Coinbase does allow crypto withdrawals in other countries and so I guess it will be the same for India as well.

I hope this time they stay here for long as India has one of the biggest crypto community in the world.

Coinbase is just too big to fail and with a huge crypto userbase like India I don't think it will quit any time soon.

[Bitcoin Smith]

~ Coinbase does allow crypto withdrawals in other countries and so I guess it will be the same for India as well.

The thing is FIU or our government doesn't really like the crypto to exists in our country and in fact they don't even want the people to have gold or something that gives them some kind of power. So they just made the life of every crypto user as hell, they can opt in for the crypto withdrawals but INR support will not be available and if they decide to use bank account transfer then crypto withdrawals will be disabled. So we can chose either this or that.

Coinbase is just too big to fail and with a huge crypto userbase like India I don't think it will quit any time soon.

Yep, they waited for things to align and don't want to make any mistakes that is why they took their time when Binance and others were okay with accepting the penalty and get FIU compliance as soon as possible.