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In a positive update amid crypto regulation scares in India, Paytm founder Vijay Shekhar Sharma said that cryptocurrency is here to stay and will become mainstream in half a decade. His statements were made at a virtual conference organised by the Indian Chamber of Commerce (ICC).
Shekhar Sharma, the founder of one of the biggest digital payments solutions in India, said at the conference, “I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life.”
Highlighting that cryptocurrencies are being used in a speculative manner right now, he predicted that in 5 years, all governments would have their stance clear. Although he goes far enough to say that most governments will widely adopt cryptocurrencies, he says that cryptos will most likely not replace fiat currencies like the USD and INR.
Paytm Hopeful For Bitcoin Integration
Earlier this month, Paytm Chief Financial Officer (CFO) Madhur Deora indicated that Paytm would be open to offering Bitcoin services to its users provided the government brought favourable regulations. Sharma is also said to have resonated with these views. When asked the question, “Do you believe in cryptocurrencies?” he answered, “The answer is 100 per cent. It’s a question like, Do you believe in [the] smartphone or do you believe in the internet?”
Indian Crypto Regulation
The Indian government is set to deliberate the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the winter session of the Parliament starting 29th November 2021. The bill is expected to bring regulations to the crypto industry in India by setting up mechanisms to ensure the safety of investors’ funds and bar “private cryptocurrencies”, even though the exact definition of “private cryptocurrencies” is still unclear.
While many investors are reducing their crypto holdings owing to fear, uncertainty and disorder, others are buying the dips in huge amounts. Experts analyse that India has a lot to lose by a blanket of cryptocurrencies, and hence, it is unlikely that all such coins will be banned altogether. However, some regulation is due to make taxation clear, make sure there are accountability mechanisms in place, and that new entrants to the crypto market are confident of their capital’s safety.
What remains to be seen is how India plans to approach regulation for crypto and how it will affect investors in the short and long term.
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