According to news agency PTI, Vijay Shekhar Sharma stated today that cryptocurrency is here to stay and is fundamentally founded on cryptography, the study of secure communication systems.
The Paytm founder’s remarks come as the government prepares to propose the cryptocurrency Bill in Parliament on November 29.
According to a notification on the Lok Sabha website, the Bill wants to restrict all private cryptocurrencies in India but will allow specific exclusions to promote the underlying technology of bitcoin and its purposes. The measure also intends to “provide a conducive framework for the formation of the official digital currency to be issued by the Reserve Bank of India.”
In the midst of lightning-fast advancements in the country’s cryptocurrency field, the industry has encouraged investors to remain cool and not jump to conclusions.
Sharma stated that bitcoin is Silicon Valley’s answer to Wall Street during a virtual interactive event hosted by ICC.
“I am quite optimistic about cryptocurrency. It is basically built on encryption and will become a widespread technology in a few years, similar to how the internet is (today) a part of daily life “He stated.
Currently, there are no specific rules or prohibitions on the use of cryptocurrencies in the country. Prime Minister Narendra Modi met with senior officials last week to discuss cryptocurrencies, and there are indications that significant regulatory measures may be enacted to address the issue.
Sharma stated that it is now being utilized speculatively. “Every government is perplexed. It will be standard technology in five years “..
People will see how the world was before crypto, but it will not be a replacement for the national currency, he claims.
Sharma further stated that if Paytm’s income reaches $1 billion, it will be brought to the developed world.
“Paytm now runs Japan’s largest payment system in a joint venture with a Japanese company. We’ll travel without a companion later “he stated
According to him, Paytm, which went public last month, is boosting financial inclusion among Indians who lack access to formal financing.
“Paytm will provide financial services to everyone at a minimal cost. Going public will be extremely beneficial since it will provide access to cash and skills “he explained.
International investors, according to Sharma, have a greater understanding of Indian entities than domestic investors.
“It’s difficult to understand what the government means when it talks about private cryptocurrencies. Bitcoin, Ether, and other public cryptos are based on public blockchains and have their own set of applications “WazirX’s founder, Nischal Shetty, stated.
“They’re required to execute smart contracts and write to the distributed ledger on which they’re based. Fees on the Bitcoin and Ethereum Blockchains cannot be paid with INR or USDT “Nischal Shetty went on to say more.
BuyUcoin CEO Shivam Thakral anticipates the Bill to meet the needs of Indian crypto owners, entrepreneurs, and investors who have put their faith in the country’s crypto growth story.
