Coinstore Enters India Amid Pending Crypto Ban

 At a time when the Indian government is preparing legislation to effectively bar private cryptocurrencies, Singapore-based Coinstore, a crypto future and spot trading exchange, announced its foray into the Indian market by launching its Web and app platform. 

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Indian users can make use of Coinstore's easy-to-understand user interface to trade, buy and sell cryptocurrencies, with easy KYC verification and 24*7 customer support. 

The company has allocated a fund of $20 million for its expansion in India. Coinstore enables users to trade more than 50 popular cryptocurrencies anytime, anywhere from the convenience of their mobile phones, said a statement.

"With over 20 per cent of our active users from India, we decided to start local operations to fully support our Indian users. We are truly excited to have launched our app in India. Coinstore aims to simplify the cryptocurrency adoption process and support a joyful trading experience," said Jennifer Lu, product head and co-founder of Coinstore.

Coinstore will set up offices in Bangalore, Delhi and Mumbai which will act as its base in India for future expansion. The company has 100 immediate openings in customer support, marketing and operations division. The $20 million fund will be utilized mainly for marketing, hiring talent and development of crypto-related products and services, added the statement.

Coinstore will soon offer a unique copy trading feature to its Indian users. The feature will help users to make strategic investment decisions by following  moves of other successful traders. In June this year, Coinstore successfully launched its iOS and Android apps worldwide. With a strong focus on security, Coinstore will soon undergo a rigorous audit by Hacken, a global cybersecurity firm with a focus on blockchain security, added the statement.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, listed for introduction in the current Winter Session, aims to prohibit private cryptocurrencies while it also seeks to provide a framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI).  The government will allow for ‘certain exceptions’ to promote the underlying technology of cryptocurrency and its uses, said a report.