Top US-based cryptocurrency exchange, Coinbase, has opened services in India to access what is being touted as a largely untapped investor market.

[Mic Drop]

According to Coinbase CEO, Brian Armstrong:

“Coinbase’s role here is going to be in a very long-term game. We’re making a long-term investment… We know it’s not going to be a straight shot to bring this technology (in the region). We don’t know exactly how it’s going to evolve but we’re committed to working with bank partners, regulators, most importantly, the Indian people because they showed a real spark of interest in cryptocurrency and there’s a real desire to get access to some of these services and products.”

The news comes shortly after Armstrong announced a massive Coinbase hiring spree that will see the exchange’s workforce quadruple with a new 1,000 workers.

It has also been revealed that Coinbase Ventures has already deployed $150 million into Indian cryptocurrency start-ups.

“constantly identifying new opportunities to help Indian founders scale.”

The news comes amidst growing concern from the blockchain community about stringent tax obligations being imposed on crypto users and investors in the Asian country. New tax regulations are imposing a 30% income tax on crypto and other, perhaps more, frightening taxes could be on the way.

That said, Coinbase global chief of product, Surojit Chatterjee, is not deterred:

“We are very happy that the Indian government has been looking at digital assets very closely and they have clarified a few things that virtually digital assets are not tenders, they’re not competing with digital rupee.”

https://www.coinbureau.com/news/british-banking-giant-hsbc-offers-wealthiest-clients-new-metaverse-fund/

[Pudgy]

Let’s say I invested $1,000 in Bitcoin 12 years ago, and I wanted to “cash out” now in Charlotte, NC, or Austin, TX.

How would I do it?

 

[Mic Drop]

You would typically do it through an exchange like Robinhood app or Coinbase.

Although there are many who believe it is best to exchange the bitcoin with someone directly for cash. You transfer your bitcoin to that person and they hand over the cash to you. I think localbitcoin.com or something like that facilitates that type of exchange.

 

[Pudgy]

So …. Someone with a flash drive with 3 million dollars in Bitcoin on it, exchanges it on line for a promissory note, issued by someone impossible to find?

What happens if he gets your 3 million dollars in Bitcoin, and the response is HAHAHAAAHAHA!

Where can you sit down at a table, and get local currency, cash in hand, him knowing he may get killed if he cheats you? 

 

[Pudgy]

Say, 3009 Bitcoins to USD ?