Sathvik Vishwanth, the CEO of Unocoin, talks about how Bitcoin can help India going cashless.
This Tuesday Indian Prime Minister Narendra Modi announced without prior warning that high-denomination rupee notes are to be taken out of circulation. Going cashless is the government’s attempt at a cure for corruption and “the disease of black money”, as unreported (and therefore untaxed) income is referred to in India.
To learn how Bitcoin fits into this vision, Finance Magnates spoke with Sathvik Vishwanth, the CEO of Unocoin, which recently implemented its first-ever API allowing companies from around the world to access the Indian Bitcoin market.
“This is a bold move, but there are enough challenges to over come for this to work. Money existed much before the government and political parties existed but see where we have ended today. If going cashless is the only way forward, certainly Bitcoin, a borderless, trustless and transparent currency makes more sense.
The sad part is that even for mass Bitcoin adoption, we may need more support from the government and regulators. If there were bitcoiners in India like the way US has it, this news would have pushed up the prices of bitcoin at least by 20% in minutes. Interesting times.
According to me, the steps to demonetize the old 500 and 1000 INR currency notes is 3-fold. 1. To purge the black-money. 2. To eliminate the counterfeit notes in circulation. 3. To make the economy move towards digitization.
In a way, Bitcoin already answers these three issues. Because every Bitcoin transaction leaves a trial of transactions associated with it, we consider Bitcoin to be pseudonymous and not anonymous, and this is helpful to trace if it is associated with black-money (more easier than cash).
In Bitcoin, technically counterfeiting is not possible and even the double spending is not possible, and this is secured by hundreds of thousands of computers around the world. The Bitcoin is only digital in nature - the accountability is easier, 55 types of taxes collection become easier. Bitcoin is redefining the term currency and is shaping the way we use currency today.”
This Tuesday Indian Prime Minister Narendra Modi announced without prior warning that high-denomination rupee notes are to be taken out of circulation. Going cashless is the government’s attempt at a cure for corruption and “the disease of black money”, as unreported (and therefore untaxed) income is referred to in India.
To learn how Bitcoin fits into this vision, Finance Magnates spoke with Sathvik Vishwanth, the CEO of Unocoin, which recently implemented its first-ever API allowing companies from around the world to access the Indian Bitcoin market.
“This is a bold move, but there are enough challenges to over come for this to work. Money existed much before the government and political parties existed but see where we have ended today. If going cashless is the only way forward, certainly Bitcoin, a borderless, trustless and transparent currency makes more sense.
The sad part is that even for mass Bitcoin adoption, we may need more support from the government and regulators. If there were bitcoiners in India like the way US has it, this news would have pushed up the prices of bitcoin at least by 20% in minutes. Interesting times.
According to me, the steps to demonetize the old 500 and 1000 INR currency notes is 3-fold. 1. To purge the black-money. 2. To eliminate the counterfeit notes in circulation. 3. To make the economy move towards digitization.
In a way, Bitcoin already answers these three issues. Because every Bitcoin transaction leaves a trial of transactions associated with it, we consider Bitcoin to be pseudonymous and not anonymous, and this is helpful to trace if it is associated with black-money (more easier than cash).
In Bitcoin, technically counterfeiting is not possible and even the double spending is not possible, and this is secured by hundreds of thousands of computers around the world. The Bitcoin is only digital in nature - the accountability is easier, 55 types of taxes collection become easier. Bitcoin is redefining the term currency and is shaping the way we use currency today.”
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!