Coinbase crypto exchange saying bye to India

Hello and Namaste Everyone,

India has completed one of the biggest events known at the G20 Summit this Sunday and Crypto was one of the topics that was discussed during the event. I have seen some news updates on social media as well as on TV channels that the government is trying to build regulations and a proper framework for crypto. This is good but I don't know how much time it will take to bring it for common people in the country. this is the first time that something has been discussed with a positive mindset in India and maybe now we can expect some good news or something that can make the Crypto community relaxed that India is not going to ban it. Until now we have heard a lot that India is planning to ban cryptocurrency and also there was a conflict between the RBI and the Indian Finance Ministry. RBI used to say that they were going to ban it but the government was not talking about the ban and even the court had something else because it was the one that removed the blanket ban in 2020.

While this is good news that India acknowledged the existence of cryptocurrency there is another sad news that might make Indians a bit sad. The Coinbase exchange has announced to stop its operation in the country and they have already stopped new sign-ups on its platform. we know that coin base is a very big exchange headquartered in the US, but because of the regulation issues in the United States and they are struggling. they also had to go through a lot in India after they launched their operation and even they introduced the option to buy crypto using fiat currency. they are one of the exchanges that integrated UPI payment options which is very easy to use. Just after the announcement they had to deal with a lot of issues from the national payment corporation and because of that, they had to halt upi payment it the next few days after launch.

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Now it's been more than one year time and this exchange has finally decided to discontinue their crypto operations in the country. This is sad for crypto users because having more exchanges means we are going to get better services. Competition is good for the consumers in any market so the crypto market is also where more exchanges mean we are going to get better services and more innovations happening in the market.

Coinbase said Monday that it has disabled new user sign-up on its exchange product in India, but remains committed to the country, where its operations have been in limbo for over a year. The clarification comes days after Coinbase sent emails to many customers in India in which it said it would cease exchange operations after September 25.

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Now with this news announcement, we know that if one exchange leaves India then we will not be able to use their services anymore. India is a crucial but important market for many crypto exchanges and we get to know news updates that they are trying to enter this market. While many other exchanges are trying for the Indian market but coin base is leaving is a completely different situation. If things go well in the future then maybe this exchange will come back as the founder has stated that they are still optimistic about the Indian market. It is true that when things are not favorable for any company then running a business can be a very difficult task and not everyone feels good working in that atmosphere.

One of the biggest exchanges called OKX has also announced that they are going to enter the Indian market so let's see how things will work after the Coinbase exchange is gone and this bigger exchange starts their business in India. this is the time when Indian exchange companies are also struggling but they are not giving up and hope they continue to work if the government changes its stand on crypto and makes it easy to run for these companies.

Thank you so much
Stay Safe

Posted Using LeoFinance Alpha

Posted Using LeoFinance Alpha