Amid the wave of panic selling in India, Paytm CEO, Vijay Shekhar Sharma has opted a pro-crypto stance asserting the decentralized sphere’s inevitable development. Sharma spoke remotely at a virtual conference organized by the Indian Chamber of Commerce (ICC) this Thursday, where he levied crypto as Silicon Valley’s answer to Wall Street. While arguing in favor of crypto’s mainstream adoption, Sharma added that within the next five years, crypto will most certainly become part of our everyday routines, comparing it to the Internet, which was equally criticized during its initial days.
He also touched upon the theme of the Indian government’s potential crypto ban after the Crypto Bill is tabled during Parliament’s winter session, noting that governments are confused about crypto across the globe, however, that does not necessarily confirm a dead end for virtual currencies. Additionally, Sharma argued that crypto can never replace sovereign currency, like the Indian Rupee, yet Crypto’s growth is not linked with its potential to replace native currencies.
He said, “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…Every government is confused. In five years, it will be the mainstream technology.”
Indian Crypto Crash
India continues to stay in news given its latest crypto bill snapshot leak controversy that further triggered a crypto crash in the country. The market went into shock after speculations about a crypto ban in India spread like wild fire based on the crypto bill brief presented in the snapshot. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is among the 26 bills which are scheduled to get listed for the upcoming winter session starting on 29 November. The speculations caused an overnight pain selling series, further resulting in the prices of Bitcoin (BTC) and multiple other leading altcoins to crash over 20% on exchanges like WazirX. Nevertheless, it did not impact the global markets, as they continued to maintain a stable price given the stats on Coinmarketcap remained close to unaffected.
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