![Virtual Currency Exchange 'Coinstore' enters India amid pending trade curbs Virtual Currency Exchange 'Coinstore' enters India amid pending trade curbs](https://varindia.com/storage/news/uploads/2018/02/61a4c55cd0212.jpg)
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.
When asked why Coinstore was launching in India despite the pending clampdown on cryptocurrencies, Head of Marketing at Coinstore Mr Tan said that 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.
Tan said Coinstore plans to recruit about 100 employees in India and spend $20 million for marketing, hiring and development of crypto-related products and services for the Indian market.
The New Delhi government is planning to discourage trading in cryptocurrencies by imposing hefty capital gains and other taxes
Coinstore is also planning to expand into Japan, Korea, Indonesian and Vietnam.
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