India’s cryptocurrency landscape is going through a tumultuous phase right now with unclear directives from all ends on crypto regulations. While the Prime Minister of the country had previously said that there won’t be a crypto ban, confusion ensued following a report saying ‘private cryptocurrencies will be banned in the country. While some interpret the term ‘private cryptocurrencies’ as virtually all tokens in existence, others think it refers to privacy-focused tokens like Monero. Amidst all this confusion, the global cryptocurrency exchange Coinstiore has decided to enter the Indian market. Considering the present situation in the country, many experts are seeing it as a wrong move. However, there are good reasons for this decision.
According to past assurances from the Indian Prime Minister and Finance Minister, the country won’t ban crypto. However, the winter session of the parliament will introduce a crypto bill that can have serious ramifications for the Indian crypto landscape. However, if crypto is brought under regulation and more people feel safe investing in it, the number of investors in India will rise. With its huge population and educated youth, India is a dream destination for any industry. Keeping that in mind, Coinstore might have done the best thing by entering India at a time like this. By the time the exchange is operational on its full scale, the crypto regulatory situation will also become clearer. As we head into 2022, Coinstore might see huge success in the Indian crypto market. If things downhill and crypto are banned, that might turn out to be a disastrous move from Coinstore
