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Cryptocurrency ban in India: Paytm founder Vijay Shekhar Sharma says Cryptocurrency is right here to remain


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Cryptocurrency is right here to remain, says Paytm founder Vijay Shekhar Sharma

Highlights

  • Cryptocurrency is right here to remain and it’s essentially primarily based on cryptography: Paytm founder
  • “Every government is confused. In five years, it will be the mainstream technology,” Vijay Shekhar
  • Presently, there aren’t any specific rules or any ban on use of cryptocurrencies within the nation

Fintech agency Paytm founder Vijay Shekhar Sharma on Thursday stated cryptocurrency is right here to remain and it’s essentially primarily based on cryptography, the examine of safe communications strategies.

Talking at an interactive session organised by ICC nearly, Sharma stated crypto is Silicon Valley’s reply to Wall Road.

“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,” he stated.

Presently, there aren’t any specific rules or any ban on use of cryptocurrencies within the nation. Prime Minister Narendra Modi final week held a gathering on the cryptocurrencies with senior officers and indications are that sturdy regulatory steps might be taken to take care of the problem.

Sharma stated it’s being utilized in a speculative method now. “Every government is confused. In five years, it will be the mainstream technology”.

Folks will realise how the world was like with out crypto, he claimed however added that it’ll not be a alternative of the sovereign foreign money.

Sharma additionally stated as soon as Paytm’s income crosses USD one billion, it will likely be taken to the developed international locations.

“Now Paytm in a JV with a Japanese entity is running Japan’s largest payments system. Later we will go without a partner,” he stated.

Paytm, which went public this month, is driving monetary inclusion among the many Indians who would not have entry to formal finance, he stated.

“Paytm will reach financial services at low cost to all. Going public will help a lot as it will give access to capital and talent,” he said.

Sharma claimed worldwide buyers have a greater understanding of Indian entities than Indian buyers.

ALSO READ: Government to bring bill to ban cryptocurrencies, push RBI’s digital currency

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