Cryptocurrency has taken the world by storm. With every industry trying to take part and every country putting its stakes, it is not the next big thing. It is already a big thing and it is growing exponentially.
The total crypto market has grown over 600 per cent from $397 billion as of November 3, 2020, to $2.8 trillion. Hence, it is no shock that major industrialists around the world, whether it is Elon Musk or Jeff Bezos.
Everybody has some interesting opinions about this growing new currency. Close home, in India however most industrialists have kept quiet about their interest or belief in the crypto industry.
While this might have something to do with RBI’s strong disapproval of the virtual currency system, recently, Shekhar Sharma, the founder CEO of Paytm became one of the few Indian hot-shots to have some opinion on the market.
Shekhar Sharma, CEO Paytm On Cryptocurrency
Sharma addressing the annual session and AGM of the Indian Chamber of Commerce virtually on Thursday said, “Crypto will become a mainstream technology just like the internet has become.”
He stated that “There are obligations of certain things to be digitised at a next level. Can currency be one of them? The answer is instead of currency, there would be more types of assets in the world,”
He also claimed “Crypto as technology will become mainstream in the next five years. We will have use cases that you and I cannot live without like today the internet is,”
India has seen quite some stir around crypto lately, with the new bill to passed in parliament that raises question around the legality of trading in private cryptocurrency and
RBI’s little stint at creating Central Bank Digital Currency (CBDC) that is all set to be introduced in the winter session. The atmosphere surrounding cryptocurrency has been quite chaotic.
Sharma also explicitly said that the government should soon come up with an official comment on the status of crypto in the country as the lack of the same as led to enough regulations and chaos.