Coinbase Announces INR Crypto Trading !
It has been a week now since the taxation laws have been imposed in the country in the field of crypto which was already cooking for a long time. The tax has not only been set quite high but also very complicated to understand and implement it. Right now it's not easy to state what would be the impact due to these laws in the long term but there are already a lot of short-term impacts visible.
All of the exchanges operating in India have seen decline in trading vlomues since the implementation of the Indian Crypto Bill on 1st April. Amidst all of this Coinbase has taken a step forward and has started giving the option to buy crypto on their platform with the local currency which is the Indian Rupee (INR).
A Big step ?
Well in the wide spectrum, there already are exchanges which do have the facility using which one can buy crypto against the Indian Rupee or trade with INR in a pair too. A few examples of such exchanges are - CoinDCX , WazirX etc.
But Coinbase, which is a very well known global exchange with millions of registered users; coming into the Indian market is a huge positive for sure. As many as 157 cryptocurrency assets will be available from Day 1 for users to deal in.
Coinbase officials, in an event in Bengaluru said that they will be adding support for the most popular UPI payment instrument in the country.
What to expect ?
Coinbase is a renowned crypto exchange and them taking a step like this is too good for sure. Coinbase has introduced the fiat pair in India at a time when the tax regulations have just being implemented and the much-feared 1% TDS which eventually would kill crypto in India. The officials have declared they do possess long-term visions for their operations in India.
Coinbase would allow many daily traders in India to trade with a bit more ease as currently there are no exchanges which are linked with UPI. UPI is the most used method of payments in India and getting it connected with crypto exchanges will be a big move yielding amazing results in the future.
Posted Using LeoFinance Beta
