[ Cryptocurrencies are changing the world ] and Coinstore has entered India despite the government's recent decision to curb their use.

 

At the Singapore-based e-currency exchange Coinstore, virtual currency trading has begun in India. The country’s government is preparing legislation to effectively bar most private cryptocurrencies.

Coinstore has launched its web and mobile app platform and plans branches in Bangalore, New Delhi, and Mumbai. These will be Coinstores base for future expansion.
If we expanded into the Indian market it made sense for us to do so. The head of marketing at Coinstore told Reuters that nearly a quarter of our total users come from India.
I asked why Coinstore is launching in India despite the pending clampdown on cryptocurrencies. Tan said: There have been policy flip-flops, but we hope things will be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies.

Coinstore plans to recruit about 100 employees in India and spend $20 million on marketing.

Coinstore is the second global exchange to enter India in recent months following in the footsteps of CoinTower which launched its local unit in September.
The price of Bitcoin has more than doubled since the start of this year. It attracts hordes of Indian investors.
The industry estimates indicate that there are 15 million to 20 million crypto investors in India with total crypto holdings of approximately 400 billion rupees ($5.33 billion).

Coinstar plans to expand into Japan, Korea, Indonesia, and Vietnam.
($1 = 75.0400 Indian rupees)