{"id":195509,"date":"2021-10-28T21:00:32","date_gmt":"2021-10-28T15:30:32","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=195509"},"modified":"2021-10-29T09:30:18","modified_gmt":"2021-10-29T04:00:18","slug":"india-unlikely-to-ban-crypto-as-it-is-old-school-according-to-this-exec","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/india-unlikely-to-ban-crypto-as-it-is-old-school-according-to-this-exec\/","title":{"rendered":"India unlikely to ban crypto as it is ‘old school’ according to this exec"},"content":{"rendered":"

Nischal Shetty, the founder of India-based crypto exchange WazirX, recently spoke about the country’s crypto regulations in an interview<\/a>.<\/p>\n

Crypto & democracy<\/h3>\n

Shetty emphasized that ‘no democratic nation’ is going ahead with banning crypto. Instead, the countries are looking at ways to regulate the sector. In contrast to China’s policy decision, he said,<\/p>\n

“I think India is definitely going in the stance of regulation and you rarely hear anything related to a ban or anything because it now seems old school that you\u2019re going to ban crypto as a nation.”<\/p><\/blockquote>\n

Having said that, China is still a front-runner when it comes to CBDC development and adoption. If reports are to be believed, China is ready for a full-fledged CBDC launch by early next year during the Winter Olympics. Is it time for India to take cognizance of its neighbor? Shetty argued<\/a> that,<\/p>\n

“Banks around the world should really take notice and try to do something similar in the CBC (Central Bank of China) area at least.”<\/p><\/blockquote>\n

Nonetheless, in the context of an Indian CBDC, the WazirX CEO seemed bullish. He said<\/a>,<\/p>\n

“I would say that India should launch its own token before any other nation does it simply because this is the opportunity for the INR to go global.”<\/p><\/blockquote>\n

While it will strengthen the Indian rupee, Shetty hoped that India can be a leader in the technology as a ‘tech nation.’ In a recent summit, Subhash Chandra Garg, former finance secretary of India had pointed out that CBDCs will likely lead to the disappearance of most private cryptos. Will that be the case? Shetty believes that Indian crypto startups are in for future cash flows.<\/p>\n

“I\u2019ve been a proponent that VCs should come to India and invest in more Indian startups especially in crypto because it makes the market.”<\/p><\/blockquote>\n

According to him, there are untapped opportunities in the sector as ‘only 5-10 percent of the market has been explored.’<\/p>\n

Broad-based regulations<\/h3>\n

Shetty recently estimated that India has around 20 million crypto users.<\/p>\n

\n

India does not have 10 crore people in crypto. Someone published an incorrect random number and now other parts of the media is picking it up. <\/p>\n

About 2 crore is a conservative number for the total number of people in crypto in India \u270c\ufe0f<\/p>\n

— Nischal Shetty (@NischalShetty) October 26, 2021<\/a><\/p><\/blockquote>\n