“The answer is absolutely yes,” says Vijay Shekhar Sharma of his decision to enter the crypto industry
According to media reports, the Bill would also include a provision requiring individuals to sell their private bitcoin holdings within a certain time frame. While some in the market believe that an outright ban is improbable and advocate for a more regulated approach, placing cryptocurrencies in the same category as traditional assets such as gold, bonds, and so on.
“Will you be investing in cryptocurrency? The answer is an unequivocal yes. We’d be 100 percent “”Ercent”
That was Paytm founder and CEO Vijay Shekhar Sharma’s response when asked if the digital payment juggernaut, whose IPO had a lackluster response on the market earlier this month, planned to enter the Indian cryptocurrency field.
Positive about the cryptocurrency sector, he stated that the technology is fundamentally based on cryptography and that it would be popular in a few years, similar to the Internet. Sharma also encouraged the government to take a firm, official stance on cryptocurrency, in order to clear up the lingering misunderstanding.
The government announced plans to introduce “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” in the parliament’s upcoming winter session, with the goal of “prohibiting all private cryptocurrencies in India, but allowing for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
According to media sources, the bill will also include an option for people to sell their private cryptocurrency holdings within a certain time frame. While some in the market believe that an outright ban is improbable, others advocate for a more controlled approach, classifying cryptocurrencies alongside other assets such as gold and bonds.
Sharma joins the ranks of other crypto enthusiasts such as Ashish Singhal, the founder, and CEO of crypto exchange CoinSwitch Kuber, who believes that cryptocurrencies can help India transition from a net importer of technology to a net producer. Singhal stated at the Mumbai Micro Experience of FinTech Festival India 2021-22 that cryptocurrencies allow India to transition from a net importer of technology to a net exporter of technology.
“We can’t be the last ones to accept cryptocurrency.” We had already missed the first Internet 1.0 bus. Today, US-based tech behemoths receive 70% of our revenues. We are a net technology importer. Every year, we import about $10 billion in this technology, which is likely to expand to $45-30 billion in the next three to four years.” Singhal explained.
