As Government Readies Cryptocurrency Bill, Coinstore Enters India

Virtual currency exchange Coinstore has begun operations in India even as government is bringing bill to effectively bar most private cryptocurrencies

Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the government is preparing legislation to effectively bar most private cryptocurrencies.

Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion, its management said.

"With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market," Charles Tan, head of marketing at Coinstore told Reuters.

Asked why Coinstore was launching India despite the pending clampdown on cryptocurrencies, Mr Tan said, "there have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies."