American cryptocurrency exchange Coinbase has resumed its operations in India and set a goal to enable the purchase of cryptocurrencies using cash by 2026. This move reflects Coinbase’s view of India as a key market for long-term growth despite ongoing uncertainties regarding government policies in the near term. Coinbase is one of the world’s leading crypto exchanges, offering users the ability to buy, sell, and trade Bitcoin, Ethereum, and other digital currencies. India’s cryptocurrency market is rapidly expanding, although regulatory instability and policy challenges have occasionally hindered its development. In recent years, cryptocurrency popularity has surged in India, attracting increased investment and services from both foreign and local platforms. However, Coinbase had limited its operations in India temporarily due to uncertainties related to local laws and financial regulations. This decision signals Coinbase’s recognition of India’s growing crypto market as a significant opportunity and its intent to enhance user convenience by facilitating cash-based crypto purchases. This is expected to boost cryptocurrency adoption in India and potentially influence the local financial system. While this step marks Coinbase’s effort to establish a broader market presence, potential changes in government regulations and regulatory frameworks could impact its operations in the future. Consequently, Coinbase and other crypto platforms will need to closely monitor the evolving legal and financial landscape in India.
Source: decrypt
