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Central Banks, Exchanges

Coinbase is hiring in India despite looming crypto ban

  • Coinbase is hiring experts to help establish a presence in India
  • The recruits are expected to work remotely at the moment
  • The RBI is examining the effects of the digital rupee on the Indian economy

India is one of the countries with a strict cryptocurrency environment, and several reports suggest that the government could ban cryptocurrency trading again. However, that hasn’t stopped crypto entities from setting up shop in India, and Coinbase is the latest to make such a move.

Coinbase now hiring in India

US-based cryptocurrency exchange Coinbase is hiring staff in India. In a blog post yesterday, the cryptocurrency exchange stated that it is establishing a presence in India. The company intends to tap into the huge pool of world-class engineering talent in India to help it develop new ways for customers to interact with the cryptocurrency economy.

Coinbase stated that the new recruits would work remotely. “As we announced earlier this year, Coinbase is committed to being a remote-first company, which means that new hires in India, Canada and elsewhere will have the option to work across various locations in their country of hire,” the blog post added.

The cryptocurrency exchange intends to open a physical office, initially in Hyderabad, for Indian employees due to the Covid regulations. Coinbase stated that establishing a presence in India is important due to the country’s massive cryptocurrency followers.

Coinbase’s decision comes despite numerous reports suggesting that the Indian government is planning to ban cryptocurrency trading again. The Reserve Bank of India (RBI) previously banned crypto trading, but the Supreme Court overturned the decision.

RBI accessing Digital Rupee’s impact on financial stability

Central bank digital currencies are gaining widespread attention globally, and India’s Reserve Bank is also considering it. However, India’s apex bank is currently examining the digital rupee’s possible impact on its financial stability before making a decision.

The Indian Express reported that RBI governor Shaktikanta Das mentioned this earlier today. Das stated that “While we are working on introducing the digital version of the fiat currency, RBI is also assessing the financial stability implications of introducing CBDC.”

Das added that the RBI had told the government about its concerns regarding cryptocurrencies, and the matter is still under examination. The Indian government is expected to make a decision soon.

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