EUBS: India is ready for the blockchain revolution, say the organizers

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India is home to the largest population of digital currency owners, with a study finding that there are over 100 million owners. The country is now veering away from digital currency speculation and towards the introduction of the underlying blockchain technology. According to Joe Holles De Peyer and Rohan Sharan, the Asian giant is ready for the blockchain revolution.

De Peyer was one of the speakers at the Enterprise Utility Blockchain Summit (EUBS), an event that brought together the Bitcoin SV (BSV) ecosystem and the Indian developer community. Speaking to CoinGeek Backstage host Claire Celdran after the event, the Gate2Chain co-founder stated that he believes India can be the global hub for blockchain.

“On a developmental level, it’s incredible. There is this thirst to build useful applications, which is unheard of in the crypto world. Investors, public officials and academics; they are all focused on this vision of utility. It’s great for the BSV mentality, he noted.

De Peyer pointed out that despite being home to 100 million digital asset owners, India has cracked down on the industry. Regulators in the country look beyond speculation, “and so our whole narrative for BSV fits very well.”

Rohan Sharan, the founder of TimeChain Labs, agrees. Sharan, an organizer of EUBS, told CoinGeek Backstage that blockchain adoption is picking up in India.

“Blockchain technology in India is becoming very popular. Big banks are doing pilot projects with blockchain. We also have the national blockchain strategy issued by the government.”

Sharan believes BSV is the only blockchain network that can deliver in India, a country of over 1.4 billion people. India needs an enterprise blockchain that can scale at low fees.

“BSV scales to more than 100,000 transactions per second, solving the big problem people have with blockchain. Most people, including in India, think blockchain doesn’t scale, but that’s what businesses and governments are looking for.”

According to Sharan, Polygon is India’s most dominant blockchain network, mainly due to its founders being from the country. However, Polygon lags behind BSV and is “still trying to solve some of the problems that Bitcoin SV has already solved.”

At EUBS, many participants learned about BSV for the first time, and according to Sharan, most were impressed. The TimeChain Labs founder believes such events are crucial to creating awareness of Satoshi’s vision and debunking the myths that most people have held, such as “BTC is Bitcoin” and “Bitcoin can’t scale.”

Next, Sharan is organizing the Global Blockchain Investment Summit, which will focus on “capital accumulation to build the metanet economy on the blockchain.”

The future is on the blockchain

In the next five years, there will be many blockchain projects in India, De Peyer and Sharan believe. For De Peyer, the big catalyst will be the development of a digital central bank currency (CBDC). India has expressed interest in a digital rupee, although the project is still in its infancy.

BSV has everything it takes to anchor the digital rupee, De Peyer believes. The Gate2Chain founder revealed that he is in talks with the Reserve Bank of India to introduce the cemtral bank to “show them what is possible on BSV.”

Gate2Chain is also working to provide Indian developers with all the tools they need to build on Bitcoin.

For Sharan, one of the main areas of focus is fiat onramps that enable Indians to easily interact with Bitcoin. Through TimeChain Labs, Sharan recently launched BitRupi, the fiat gateway to metanet applications. As he told CoinGeek Backstage, accessing BSV on mainstream exchanges is quite a challenge for Indians.

“We look forward to a large ecosystem forming in India for Bitcoin SV and having a large impact on the use of the ledger and many transactions being generated from India,” he concluded.

Watch: BSV Stories – Episode 8: India jumps on board the blockchain train

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