India will eventually accept Cryptocurrency

In a recent event held in Silicon capital of India Bangalore, the founder of ConsenSys and co-founder of Ethereum, Joseph Lubin quoted that, ‘India will eventually accept cryptocurrency‘.

The event was organized by the company ConsenSys where Lubin spoke about improvements happening in Indian crypto space. He went on to explain that, there might be some delay in the acceptance of digital currency in the country but very soon that will come to an end.

The obvious reason behind this would be regulators in India are unaware of the various benefits of decentralized currency. Also, Lubin stated that once the officials are convinced with this, it will be easier for them bring in new amendments or regulations through which cryptocurrency can be used in a secure manner.

Following is the excerpt from Lubin’s Interview statements,

“Once people explain things to you and you see the power of technology, you also understand that it can protect systems better. I am fully confident that this country will embrace profound technology”

The crux of the problem for Indian regulators lies in the fact that the allowing cryptocurrency usage should not be misused for a fraudulent purpose. This is clearly visible in the ban imposed by the supreme court of India and in this regard, Lubin further explained the current state of crypto acceptance in various other nations,

“In cryptocurrencies, many nations want to know the sender and the receiver of (virtual currency) value. We are making progress around the world with respect to security law. It is going to take a while before it is accepted. Cryptocurrencies are a narrow slice of the crypto-assets space.”

Furthermore, he mentioned with the use of decentralized technology, we can create a world reliable place to live in and also emphasized on the fact that blockchain technology will enable us to create transparent and decentralized World Wide Web.

“The United States is coming to the understanding that you can issue token securities and these are better ways of issuing equities and shares. We are building what we call a decentralised world wide web, where instead of silos systems run by Facebook, Google and Twitter, you have shared infrastructure working much more collaboratively. We are also retaining much more control of our personal information”

With ongoing struggle in the Indian Crypto space, it is yet to be seen whether or not efforts by eminent people like Lubin will have any impact on it. Surely will keep you posted with any improvements, but until then let us hope for the positive outcome of it.

What do you think of Joseph Lubin’s statement? Let us know your thoughts in the comment section below