Ethereum Co-Founder, ConsenSys Creator Joe Lubin Says Crypto Approval in India Will Happen
Joseph Lubin Convinced India Will Start Accepting Cryptocurrency in the Future
Even though Indian regulations have been enforced in attempt to determine answers on cryptocurrency related inquiries, Joseph Lubin, Ethereum’s co-founder – part of the second largest blockchain on the planet, following Bitcoin – has come to fully support the country, believing that India will start accepting cryptocurrency in the near future.
Ethereum Has Big Plans For India, And So Does Lubin
Creator of the ConsenSys in 2015, Lubin started it as a software firm to create decentralized application services operating on Ethereum’s blockchain, is now launching an office in India to establish Ethereum’s footprint in the country, focused primarily on the blockchain. Joseph stated that India has fabulous resources in terms of people who desire involvement in cryptocurrency related solutions, as well as institutions that contribute to the blockchain community. He has now partnered with the Indian Institute of Technology for finding solutions on blockchain tech, multidisciplinary research, and other opportunities related to cryptocurrency.
According to Joseph, it’s going to take a while for the cryptocurrencies of the world to gain a strong footing in India, let alone to begin flourishing. It will likely take the support from political leaders as well as officials who need to be persuaded to see the multitude of advantages that go with using cryptocurrency.
As soon as people begin explaining things, others start to see the real potential and power of the technology. They then begin to understand why the systems must be put into place. Joseph is confident the country will soon adopt cryptocurrency and blockchain technology.
He also made mentions of meetings which took place in the country as well as several others around the globe, showing the progression of the technology around the world. One of the benefits pointed out was the way cryptocurrency has been staying within in regulations for the most part, which is likely to help it be more accepted.
Cryptocurrencies are a small piece of the crypto-assets sphere. There are several other crypto-base commodities, derivatives, as well as crypto-collectibles. Lubin is now putting these other cryptocurrency assets into place in India.
As part of the plans for the future of development in India, ConsenSys is training software engineers as programmers operating blockchain software. They will take various individuals in multiple industries, then hand hold htm to help improve blockchain technology. The project is also making new ventures which are investigating in the country, so they can provide funding for companies that are using tools to help developers build better infrastructure for the blockchains.
How Ethereum Plans to Help India
The company is creating a strong Ethereum presence in the country, numbering around 20,000-50,000 people according to the head of the ConsenSys India branch, Kavita Gupta. Making the report with another 6 people in their Delhi office, she is planning on expanding to another 40-50 people in the upcoming months.
Soon, they will be launching the first education program in the country. They’ve not done this in any other area of the nation and will offer the course up to people to train them.
She also stated that the company is looking for new projects for Andhra Pradesh government in the sectors of land titling and supply chains. There are also discussions with the NIti Aayog on a land titling project as well.
Stating that the ConsenSys has some of the best available options for finances, in respect to custodians and settlements, she stated talks have started with three private banks to offer Ethereum’s blockchain technology-based solutions for them. ConenSys now has 48 solutions in nearly every industry imagined.
All the solutions are slowly going to available in India in the future. As of now, they are in the beginning developmental states of the land-title system, in which you can tokenize real estate ownership. In one of the states, the company will also be working on a new microlending project.
It’s exciting to watch, Ethereum and ConsenSys are both taking stakes in India, as they challenge Bitcoin and Ripple to be one of the top blockchain contenders in the country, along with cryptocurrency.
Will Ethereum be able to beat Bitcoin and Ripple’s plans to take over India? After all the country is still working on new regulations. Please let us know your thoughts in the comments section below.