Paul Grewal, chief legal officer at major crypto exchange Coinbase, met this week with Priyank Kharge, the IT minister of India’s Karnataka state, as the US-based crypto exchange seeks to expand its role in India’s growing digital infrastructure.
Grewal publicly thanked Kharge in a Wednesday X post, saying he “is excited to explore how Coinbase can further support Karnataka’s tech leadership.” He said that support could include developer tools, cybersecurity collaboration and capacity-building programs
“The future is onchain — and it’s being built here,” Grewal said.
In a separate Wednesday X post, Kharge said he met with the Coinbase team to “discuss their developer platform.” He said the platform “is helping simplify blockchain development and enabling developers to build onchain applications with ease.”
The minister also mentioned that he discussed potential cybersecurity collaboration with Coinbase, as well as the company sharing its expertise with the local government. He said they discussed training and capacity building programs, as well as incubation, and the possibility of hosting joint hackathons in the future.”
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Karnataka government planning to adopt blockchain
Kharge said Karnataka’s government is “keen on exploring” blockchain technology for governance and digital public infrastructure as the technology gains traction globally.
The meeting came amid Coinbase’s push to expand its services to governments. In a mid-March announcement, the company said it is helping governments engage with cryptocurrencies.
This is not the first time that the Karnataka state government has acknowledged blockchain. In July 2017, local authorities organized a seminar on blockchain and Bitcoin.
Kharge said in an X (then still Twitter) post at the time that the seminar aimed to convey a better understanding of blockchains applied to governance and Bitcoin (BTC). He also said that, if necessary, it would also lead to new policies.
Related: Indian crypto users may ‘force’ policy shift amid mounting demand
Coinbase aims for an India comeback
India has historically been a hostile environment for the cryptocurrency industry. Still, policy seems to be evolving, with mid-February reports indicating that Coinbase is in discussions with Indian regulators as it considers a return to the market.
Coinbase asked its local users to withdraw funds in late 2023, saying it would discontinue all Coinbase Retail services in India. The exchange previously faced issues with Indian regulators, and in April 2022, it stopped its United Payments Interface in the country just three days after the local launch.
Grewal also joined the United States-India Business Council (USIBC) global council in early February, with the organization’s president saying that his “leadership in the fintech and digital asset space” will be crucial.
The report also came after the Crypto-systems Oversight, Innovation, and Strategy (COINS) Act was announced last month to introduce a legislative blueprint that supports a clearer, industry-led policy environment for crypto in India. COINS remains a non-binding model law with no legal effect unless it is formally introduced and passed by the parliament.
Coinpectra reached out to Coinbase, but had not received a response by publication.
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