In a recent interview with Economic Times, Joseph Lubin, the co-founder of the blockchain-based open-source platform, Ethereum opened up about India’s acknowledgment of the rising need for cryptocurrency regulation in the country.
According to an excerpt of the interview, Lubin is quoted to have 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,”
The biggest reason, according to Lubin, for regulators and political leaders to vehemently oppose trading in cryptocurrency (as is evident by the recent petition by the Reserve Bank of India to ban cryptocurrencies in financial institutions), is because of the severe lack of knowledge and information about cryptocurrency and blockchain technology.
There is also the fact that there is no such opposition to blockchain technology in general that exists in the country. The problem persists more or less when it comes to regulating trade and conversion of cryptocurrency to fiat currency in financial institutions because of a fear of security breaches as well as the idea that a Peer-to-Peer network is potentially unsafe and risky.
Although there is a little contribution from India in terms of availing blockchain technology-based platforms into the social as well as public sectors, Lubin seems set on getting things rolling if his launch of the ConsenSys is anything to go by.
This is what Lubin had to say regarding the launch:
“From our perspective, which is a very blockchain-centric perspective, there are lots of great technologists and academic institutions in India. We have partnered with an Indian Institute of Technology where we are endowing a research chair. We are discussing multidisciplinary research opportunities with the institute, not just with computer scientists and physicists building these blockchain systems, but also social scientists who will understand the implications of the new technologies on society and legal systems.”
The Supreme Court’s decision to postpone the hearing until the 11th of September seems to have given hope to all parties and ventures involved, as a postponement would mean deliberation and time for careful consideration of all those involved in the fiasco.
Here’s what a Twitterati had to say regarding the postponement of the hearing and Joseph Lubin’s consequent yet confident views of India’s adoption of cryptocurrency:
“Today, Indian Supreme Court will give a final statement on whether to regulate Cryptocurrency or not. Having strong positive expectations from SC. Sir @MarkYusko, Sir @APompliano, Wish us luck!”
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