Payment processor Paytm founder Vijay Shekhar Sharma says cryptocurrency is here to stay
Vijay Shekhar Sharma today expressed his belief that cryptocurrency was here to stay and it was based on cryptography, the study of secure communication techniques.
Paytm founder's comments come in the midst of the government's upcoming introduction of a cryptocurrency bill to the Parliament on 29 November.
In a notification posted on the Lok Sabha website, the government said the Bill will prohibit all private cryptocurrencies in India but will allow exceptions that will promote underlying technology of cryptocurrencies and their uses. As part of the bill, the RBI will also be able to create an official digital currency by creating a framework for its creation.
With the emergence of cryptocurrencies in the country, the industry has urged investors to remain calm and not make rash decisions.
The ICC virtual organisation organized an interactive session in which Sharma said crypto is Silicon Valley's answer to Wall Street.
He is very enthusiastic about crypto. It is fundamentally based on cryptography and will become mainstream in a few years just like the internet, which has become a part of our daily lives.
At present, there are no specific regulations or restrictions regarding the use of cryptocurrencies in the country. Last week, Narendra Modi met with senior officials on the issue, and it is obvious that strong regulatory measures will be taken to deal with it.
In the current environment, Sharma stated that it is being used speculatively. There is confusion among all governments. It will be mainstream technology in five years.".
Eventually, people will realize how life was without crypto, but it won't replace sovereign currencies, he said.
According to Sharma, once Paytm's revenue reaches USD one billion, it will expand to the developed world.
According to him, Paytm runs Japan's largest payments system via a joint venture with a Japanese company. "Later on, we will go it alone," he added.
He said Paytm is the key to financial inclusion among those without access to formal finance in India, which went public this month.
The launch of Paytm will ensure everyone has access to financial services. Going public will help the company expand as it will gain access to capital and talent," he said.
Indian investors do not have the knowledge that international investors have of Indian entities.
According to Nischal Shetty, founder of WazirX, "private cryptocurrencies are hard to comprehend. Bitcoin, Ether, and others are public cryptocurrencies built on public blockchains and have their own specific uses."
Nischal Shetty explained that INR and USDT cannot be used to pay for cryptocurrencies' fees on Bitcoin and Ethereum blockchains. "They're needed for running smart contracts and writing to the blockchain that they're built on," he added.
According to Shivam Thakral, CEO of BuyUcoin, the Bill will cater to the aspirations of Indian crypto owners, entrepreneurs, and investors that have put their trust in India's crypto growth story.