Kumaraguru Ramanujam: Using Bitcoin SV To Send Money Across Borders

When Bitcoin was first invented, many mentioned it as the solution to inefficient cross-border remittances. But due to the fees associated with transactions on the BTC Core network, it was never able to reach its full potential.

This is why Kumaraguru Ramanujam chose to rely on the Bitcoin SV blockchain instead. Its app, MoneySwipe, aims to reduce the cost of sending money abroad from the current global average of 7% to just 1.5%.

He explains to Charles Miller in this week’s episode of CoinGeek Conversations that the company aims to tackle the UK-India remittance corridor first. This makes a lot of sense as India tops the list of countries receiving personal remittances. According to a 2022 World Bank report, the colossal sum of $83 billion is returned to the country every year in payments.


Ramanujam’s plan is to work with regulators in India to create a cross-border payment solution without high costs. He explains that the Reserve Bank of India (RBI) has set up a regulatory sandbox with the aim of finding companies using blockchain to bring efficiency to the billion dollar remittance industry. .

The sandbox opened in 2018, with a company using Hyperledger Fabric selected, but it has now reopened, and Ramanujam is keen to show the RBI the power of Bitcoin SV.

“We show the regulator first that BSV is better than Hyperledger, and then we show them, okay, yes, value transfer can happen as well,” he said.

The introduction of an efficient remittance system like this was a game changer for the Indian economy. If costs could be recovered at 1.5%, that meant over $4 billion could be saved and go directly to the beneficiary, instead of being lost in fees. This would also benefit the government as it would receive more foreign exchange reserves.

“It’s a win-win situation and it’s a stated goal of the UN sustainability goals to lower remittances from 7% to 3%,” Ramanujam points out.

While the app is powered by the BSV blockchain, stablecoins have been enabled so that they can be used as a bridge asset, to provide liquidity and to comply with regulations.

The final application, which will be introduced by the end of the year, will inform how MoneySwipe engages with regulators. The hope is that by working closely with them, the end product will be innovative, relevant and risk-free.

For now, the focus is on India and the corridor with the UK, but once this has been developed, he intends to look to other regulators to create solutions for money transfer that works with governments around the world.

Ramanujam thinks being able to transfer his experience from working with a regulator makes it easier with others.

“We want to work with the regulator who is open with their policies right now, rather than telling them that’s the way things should be done – so we’re looking at countries that are open right now with sandboxes “, did he declare.

Listen to Kumaraguru Ramanujam’s full interview on this week’s CoinGeek Conversations podcast or find other recent episodes:

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