India has been going through a tough taxation war because the tax slabs are not just high but even complicated to understand and follow. The law has come into force effective 1st April 2022 and it's been one week as of date. This has got mixed opinions as some people consider it good and some are saying that this is not positive for crypto. At this point in time, it's difficult to conclude what is right or wrong and what the government is going to do with crypto in the coming months however its effect is visible on the Indian exchanges.
While Indian exchanges are going through a tough time because of the drop in trading volume, Coinbase has started crypto trading for Indian users. This is good news for the community but not really good news for those who trade a lot because there are some tac issues. Coinbase is a global exchange and it provides a state-of-the-art platform for crypto trading. I have used it some time back so I know that it's a clean UI and is quite easy to use. I am sure that they will be able to get more users on the platform and they will provide great services to the users as well however they cannot do anything in the tax issues.
Earlier it was expected that Coinbase will operate in India as a crypto-to-crypto trading exchange but now things are changed as they are offering the UPI payment option to use FIAT currency on the platform. UPI is one of the most used and popular payment services in India that settle transaction instantly and a major chunk of people are using it. This is a convenient, easy-to-use, and free payment service now.
The onboarding on Coinbase would require setting up a UPI payment method. UPI (unified payments interface) is an instant real-time payment system allowing peer to peer and person to merchant transactions, which is regulated by the Indian central bank
The Coinbase exchange has a long-term vision in India and for this, they are going to hire a lot of people this year which is really good. This is also going to create so much competition in the market and this will enable the exchanges to provide nice services and encourage them to bring more innovative products to keep the users engaged and retained with them. I am yet to register in Coinbase as an Indian user so I will probably give this a try this weekend and see how things are working. If I will be able to do this in the coming weekend then I try to share my crypto trading experience here as well.
Thank you.
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B20. It was bound to happen, even Jamaica, which was also closed to the crypto world, is now opening its doors wide.
You are absolutely right but it's time for us to be understood. And I think your point of view is the same what are mine