The U.S-based leading cryptocurrency exchange Coinbase has announced that it is establishing a business presence in India even as speculations about the possible ban of cryptocurrency holding and trading in India increases.

According to a statement by the exchange, the move will help Coinbase tap into the human resources of India that comprises of ‘world-class engineering talent’ who will help drive innovation in Coinbase.

‘India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the cryptoeconomy,’ the statement read.

The statement also states that Coinbase will be housing some IT services, including engineering, software development and customer support operations in its Indian location in Hyderabad, adhering to Covid-19 guides.

The current price of bitcoin is $51,358.50, dropping by 8.44% in the last 24 hours. Bitcoin’s current market cap of $958.52T and market volume of $68.38B. In the last 24 hours, bitcoin has dropped to $50,458.10 and experienced a 24 hours high of $56,390.50.  Currently, 18,664,1562.5 bitcoins are in circulation.

Stats and Image from Coin Desk

Meanwhile, the Indian government has continued to threaten the cryptocurrency industry in India over the past months.

The latest move of the government to clamp down on cryptocurrency is that starting from April 1, companies would disclose all their crypto trading history and holdings in their financial statements.

They will give details on profits or losses on crypto transactions.

The Ministry of Corporate Affairs in India has introduced a new language Companies Act of 2013 to this effect.