Page 19 - IBT Full Pdf
P. 19
SNIPPETS
Coinstore enters
India despite
trade uncertainty
Singapore-based virtual currency
exchange Coinstore has begun
operations in India at a time when
the Indian government is preparing
legislation to effectively bar most
private cryptocurrencies, states a
report in The Daily Star. 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, states The
Daily Star. The New Delhi government is planning to discourage
trading in cryptocurrencies by imposing hefty capital gains and other
taxes earlier this month.
According to the report, it will allow only certain cryptocurrencies to
promote the underlying technology and its uses, according to a
legislative agenda for the winter session that is set to start later this
month. 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.
Coinstore is the second global exchange to enter India in recent
months, following in the footsteps of CrossTower which launched its
local unit in September. The price of the world's biggest
cryptocurrency, Bitcoin, has more than doubled since the start of this
year, attracting hordes of Indian investors.
Local TV brands’
popularity curbs CSE promises
illegal imports maiden
Local brands are now getting commodity
popularity in the country's television exchange
market thanks to the increased
investment of some home-grown within a
companies, especially the giant Walton,
states The Business Standard. year
Currently, Walton holds the lion's share
– around 27% – among all the domestic
and international brands for television
in the market. Besides, Singer accounts The Chittagong Stock Exchange (CSE) is going to establish the
for 9%, Minister 4%, Vision 3%, Jamuna country's first commodity exchange through the trading of precious
2% and Nova 2% of the total television metals including gold and silver as there is a ready market for these
market. products and they are easily tradable, states The Business Standard.
The Marketing Watch Bangladesh Other goods, both locally produced and imported, such as food
(MWB) on revealed the report, based on grains, chemicals, crude oil, steel, and natural gas would be added to
a study on television uses across the the commodity exchange later, according to the CSE, mentions the
country between January to April this report. CSE Chairman, Asif Ibrahim told The Business Standard that
year. According to the report, riding on necessary preparations are being taken to launch the commodity
increased uses of Information exchange within one year.
technology, enhanced electricity The CSE chairman has already prepared a concept note and sent it to
coverage, and growing income of Finance Minister, AHM Mustafa Kamal after getting approval from
households, the use of television in the Bangladesh Securities and Exchange Commission (BSEC) to
Bangladesh has significantly establish a commodity exchange in the country. He has sought
increased; local brands saw substantial financial assistance from the government to create infrastructures for
growth. The study said the size of online trading, clearing and settlement, and to conduct research for
Bangladesh television in 2020 reached this purpose. A commodity exchange allows businessmen to trade
$636 million and is expected to grow to future contracts to buy or sell a specific commodity at a specific price.
$687 million in 2021. According to the CSE concept note, the purpose of the proposed
commodity exchange is to provide a centralised marketplace where
producers and traders can sell their products to those who want to
use them for manufacturing and consumption.
18
