Sunny Ray from Unocoin: “There is a bigger need for digital currencies and decentralization in countries like India”

Here at Bitcorati, I was recently able to interview long-time tech and Bitcoin entrepreneur Sunny Ray. Sunny is involved in Bitcoin companies around the world such as Unocoin, Securacoin, and CoinKite. Unocoin has been serving the Indian Bitcoin community for almost a year now and has even received a $250,000 investment from Barry Silbert. Indians can use Unocoin to accept, hold, and spend bitcoins. With this service that has sometimes been called the Coinbase of India, Unocoin has grown over the past year right alongside Indian demand for Bitcoin. India is part of the largest remittance pathways in the world. Every year, billions of dollars are sent from the Americas and elsewhere back to India. Every year, millions of dollars end up in the hands of middlemen and not the third-world recipients that desperately need it.

Bitcoin Interview with Sunny Ray, Unocoin President

How do your customers save money and headache with Unocoin?

We make it easy for people in India to buy, use and accept bitcoin. We make the process simple, safe and super fast. Our UX is friendly and easy to navigate. We also charge competitive rates and offer our clients the best way to buy and sell bitcoin in India.

How has the local Bitcoin community shaped Unocoin?

The local bitcoin community has grown dramatically over the years. The meetup groups which started off as just a few people here in Bangalore have now grown to thousands across the country. The online community is also vibrant and active. It was through this experience we gained at these meetups that wee we were able to shape Unocoin. http://www.indiabitcoin.com/india-bitcoin-meetups/

What do you think about the Canadian government’s stance towards Bitcoin and digital currencies?

I think the Canadian government has been rather open to bitcoin. See here for details:

Where do you plan to expand or what do you plan to introduce next?

We plan to stay focused on India for the time being. We have a lot of development going on in house but unfortunately and am not in a position to share details. Stay tuned… 😉

Do you feel that the regulatory climate for Bitcoin will change in the coming year? How?

Yes, there will hopefully be a more clear framework for regulation in India, Canada and worldwide
How? Through more education.

Do you think that those living outside of the “first world” have different motivations for pursuing the furtherance of digital currencies and decentralization?

I do think that there is a bigger need for digital currencies and decentralization in countries like India. There is a massive population of people who love gold and understand IT. So with bitcoin being digital gold, there is a huge marketplace for bitcoin. Secondly, remittance is a sector that is just waiting to be disrupted. Thirdly, you look at the massive unbanked population in countries like India and bitcoin just seems like an obvious solution.

How has digital currency and technology personally helped your life?

It’s given me hope. I have been 100% obsessed with bitcoin for the past 3 or 4 years. It’s changed my life in every single way you can imagine. All I ever do is think about bitcoin. Where as before it was a lonely road, today, the smartest people I know are all beginning to see the bitcoin revolution for what it truly is. Transformative.

What is your favorite quote?

“Success matters. Failure is inconsequential.” – Vinod Khosla

When and how did you first hear about Bitcoin?

I think I first heard about bitcoin in 2011/2012 through twitter. So technically I should be able to go back and pinpoint the exact day I started retweeting about bitcoin. I just downloaded my twitter history, so will let you know the exact date once I figure it out. :)

When did you first decide to dedicate time to digital currencies; how much of your time do you dedicate? Is this your full-time job?

My mind and heart has been swept away by bitcoin for nearly 3 years now. I’ve been full time for about 1.5 years. Right now I spend most of my time building Unocoin. I’m also working on two other related bitcoin projects: www.securacoin.com and www.paycase.com.

What is one piece of advice that you have for those around the world that might be aspiring to do what you do?

“Stop waiting. Feel everything. Love achingly. Give impeccably. Let go.” – David Deida

How has the world been changed by this new technology?

Bitcoin has single handedly given me and thousand of others like me a sense of purpose. As sense of challenging the way things are and have been. Challenging the very notion of “what is money” is what I find most exciting.

How do you think the world will be changed by this new technology?

In ways we cannot even imagine. At our bitcoin meetup yesterday, I met a lady who works with IBM and she is working on making smart homes powered by cryptocurrencies. It was amazing to hear how bitcoin will not only impact the way people commerce, but also the way machines will commerce in the near future.

Thank you, Sunny, for your time and work. Readers, I implore you to never forget just how international Bitcoin and the Internet really are.

About The Author

Profile photo of Caleb Chen

Digital Currency Advocate

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