India Crypto Ban Regulators Are Considering Cryptocurrency Prohibition

One of the biggest cryptocurrency exchanges in the world, Coinbase, has recently announced its intention to support more coins on the platform. According to an official blog post on Coinbase, the exchange said that it is “exploring the addition of several new assets” and working with local banks and regulators in order to make them available in as many jurisdictions as possible.

The coins that we are talking about are Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX) – and the plans are for them to be directly added onto Coinbase’s platform.

According to Coinbase, the assets would require additional exploratory work given the nature of their architecture. As such, the company cannot make any guarantee that they will make their way to trading. As they mentioned, there could be several restrictions in terms of the wallets – and the deposits would probably be done only from transparent Zcash addresses.

Also, Coinbase’s plans are to test these coins in certain jurisdictions only before they move to the US market.

As the blog post reads:

“Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”

What’s most interesting is the fact that if this happens, BAT and ZRX would be the first ERC-20 tokens to be supported on their platform. After announcing the intentions to add Ethereum Classic (ETC) on June 12th, the major exchange is making new moves.

Currently, “legal analysis is ongoing and will vary by jurisdiction. As we only plan to launch assets which are compliant with the local law, some assets may only be available in specific jurisdictions,” according to Coinbase.