Vijay Shekhar Sharma, CEO of digital payment service provider Paytm, has taken a pro-crypto stance, stating the decentralized world’s probable expansion amid a wave of panic sell-off in India. Sharma spoke at an Indian Chamber of Commerce (ICC) virtual conference on November 25, describing crypto as Silicon Valley’s response to Wall Street.
While speaking for crypto’s mass adoption in India, he added that crypto would undoubtedly become a part of our daily lives within the next five years. He compared crypto to the Internet, which was also attacked in its beginnings.
He also briefly talked about the government of India’s probable “private crypto” ban after the Crypto Bill news about its presentation during Parliament’s winter session. He believes that virtual currencies are not doomed just because governments throughout the world are confused about it.
Notably, as TheCoinRise reported, the richest cricket league, IPL, has prohibited teams from signing crypto deals in India due to regulatory concerns.
Furthermore, Sharma noted that while crypto will never be able to replace traditional currencies such as the Rupee of India, its growth is unrelated to its ability to replace native currencies. He added:
“I am very positive about crypto. It is fundamentally based on cryptography and will be the primary technology in a few years, like the Internet, which is part of daily life…Every government is confused. In five years, it will be the mainstream technology.”
Crypto crash in India
India has grabbed the attention of crypto investors all over the world following its crypto bill snapshot leak controversy. It triggered a sudden crypto crash leading to a market shock of 20% loss and crypto exchange giant WazirX app crash. Nonetheless, the global markets were unaffected, as they managed to maintain a stable level without any sudden shock.
The crypto regulatory bill in India is among 26 bills that will be scheduled to get listed for the winter Parliamentary session starting from November 29.