There is a new cryptocurrency exchange heading to India. The company is called Coinsbit, and while this is not exactly a new trading firm – it has existed in Europe for years – the company is looking to expand into a region that is having a hard time making up its mind about cryptocurrency.
Coinsbit Opens Its Doors in India
The exchange this time around will be known as Coinsbit India, and all new users who decide to sign up and take part in the know your customer (KYC) protocols enforced by the trading platform will get a special reward of approximately $200 in USD. It will be one of the largest airdrops witnessed within the country. In addition, users will have the chance to earn referral bonuses should they decide to bring additional traders on board.
While all this sounds fine and dandy, there is a big problem in that it is not even clear if cryptocurrency-related activity is going to be permitted in the coming months or years within India’s borders, as the nation is currently mulling over possibly outlawing all digital currency trades. The nation has had a rather up-and-down relationship with the crypto industry, and it seems like things are potentially on their way towards reaching a new level.
Things started out on rocky turf three years ago when India decided to ban all working partnerships between standard banks and crypto-based businesses. While the action of trading crypto was still permitted, blockchain and bitcoin firms could not get access to the standard financial services and tools they needed to remain in operation, which ultimately limited the crypto presence in India.
From there, however, it looked like a new leaf was being overturned as the country’s Supreme Court stepped in to rule that the action against crypto businesses was unconstitutional according to Indian law. From there, relationships were established between both banks and cryptocurrency and trading began to resume, eventually reaching unprecedented levels.
Sadly, this good news was short lived as now, it appears India-based regulators are considering implementing an entire ban of cryptocurrencies and related trading. The move has been criticized by many analysts, who feel that this will prevent India from maintaining a competitive edge in the changing world of finance.
Ravneet Kaur – the CEO of Coinsbit India – explained in a recent interview:
Coinsbit India looks to become the foremost trading ground for a market that’s just beginning to see cryptocurrency’s potential. Together with Coinsbit, we strive to revolutionize Indian cryptocurrency and blockchain space. We operate in compliance with the guidelines set forth by the government of India. We want to bring a revolution in blockchain and crypto in India throughout our innovative financial platforms and products and India is at the forefront of the biggest changes the world has ever seen.