Coinbase Ventures, the investment arm of American cryptocurrency exchange Coinbase, has shared a plan to invest $1 million in several Indian crypto and Web3 initiatives through a personal campaign.

In a blog post written in India, Coinbase CEO Brian Armstrong revealed that the venture capital firm intends to leverage Indian software talent by utilizing cryptocurrency and Web3 technologies to help accelerate India’s economic and financial integration goals.

There will be a personal presentation day in Bangalore on Friday in partnership with the Builders Tribe, which will be supported by Belief DAO to provide additional grants of up to $25,000. the clarity brought by the controversial cryptocurrency tax law.

India’s Cryptocurrency Tax Act, effective from Friday, requires all Indian citizens to pay 30% of unrealized cryptocurrency profits as taxes. In addition, investors will not be allowed to collect cryptocurrencies to offset taxes.

Asked about the overall concept of Web3 as a disruptive factor, Buidler’s Tribe Pareen founder Latia Cointelegraph told Cointelegraph that Indian entrepreneurs are excited to take their companies global. Speaking about the impact of the new tax law on attracting foreign investment, Latea said that:

The tax code is only one positive step. This is a paradigm shift and the rules will catch up. ”
While Indian Finance Minister Nirmala Sitharaman previously shared her intention to redefine crypto in the near future, Coinbase’s entry into the market has attracted more than 110 applicants.

Coinbase has previously invested $150 million in Indian crypto and Web3 companies and plans to hire 1,000 employees at Coinbase’s Indian technology hub, Armstrong said. Setting rules is a clear call for foreign investment, and Armstrong adds:

“India is a magical place and I think cryptocurrencies have a great future here. We are excited to help build that future and this event is an important step. ”
Armstrong is still at the forefront of achieving regulatory clarity for cryptocurrencies in the United States. Over the past year, Coinbase has overcome many regulatory hurdles set by the US Congress and the US Securities and Exchange Commission. As a result, the company is expected to play an important role in the regulatory discussions about cryptocurrencies that will spread around the world.

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The government of Maharashtra in India has started using Polygon blockchain technology to issue caste certificates as part of the Digital India campaign.

The Government of Maharashtra has teamed up with LegitDoc to deploy 65,000 caste certificates to help in the process of introducing government schemes and benefits.

Indian administrative official Shubham Gupta told Cointelegraph that the Indian government is always looking to introduce subversive practices that can help democratize citizen services:

“Web3 takes the concept of democratization to a whole new level, where data/information can be not only publicly shared, but also publicly untamperable.”

Source: CoinTelegraph

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