Joseph Lubin, founder of ConsenSys and co-founder Ethereum said India will soon accept cryptocurrencies.
Last week, ConSensys had organized an event in Bangalore where Lubin was present to announce that the company was setting up Ethereum offices in India.
The event included eminent attendees such as Kavita Gupta – Managing Founding Partner, ConsenSys Ventures, Ben Burns – Truffle, Dror Avieli – VP Customer Support, Gabriel Barros – Balance3, Griffin Anderson – Balance3, Italo Borssatto – Fluidex Natalia Romiszewski – Ujo, Mark Beylin – Bounties Network
Matthew Iles – Civil, Ron Garrett – ConsenSys Labs, Vivek Singh – Gitcoin, Azeem Ahmed – Kaleido and Aaron Wright – Open Law.
He opined that it acceptance and adoption of cryptocurrencies in India will take time, as regulators, politicians and officials need to be persuaded about the advantages of virtual currencies.
According to an interview with Economic Times, Lubin said, “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.”
When asked about the dichotomy of the Indian government’s enthusiasm for blockchain, but reluctance to adopt cryptocurrencies, he said, “It will change. We have had meetings with regulators in this country and around the world. 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.”
He added, “There are many cryptocommodities, cryptoderivatives and cryptocollectabiles. 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.”
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