Amidst the panic selling in India, Paytm CEO Vijay Shekhar Sharma took a pro-crypto stance and emphasized the inevitable evolution of the decentralized space.
Sharma spoke remotely at a virtual conference organized by the Indian Chamber of Commerce (ICC) on Thursday, where he imposed cryptocurrencies as an answer from Silicon Valley on Wall Street.
While arguing in favor of crypto adoption, Sharma added that within the next five years, crypto will definitely become a part of our daily routine, and its comparison to the internet, which was equally criticized during its early days.
He also touched on the subject of a possible ban on cryptocurrencies by the Indian government after the crypto law was introduced during the winter parliament session, noting that governments are confused about digital currencies around the world, however, this does not necessarily confirm a dead end for digital currencies.
Additionally, Sharma has argued that crypto can never replace a sovereign currency, such as the Indian rupee, yet the growth of crypto is not tied to the possibility of exchanging native currencies.
I am very optimistic about cryptocurrency. It mainly depends on encryption and in a few years the dominant technology will be like the Internet which is (now) a part of everyday life…
In five years, digital currencies and blockchain will be the main technology.
Crypto market crash in India:
India continues to stay in the news given the recent controversy over the leaked snapshot of a crypto law that led to a further collapse of the cryptocurrency in the country.
The market went into a state of shock after speculation about a cryptocurrency ban in India spread like wildfire based on the crypto bill brief shown in the shot.
The 2021 crypto-related legal articles are among 26 articles due to be included for the upcoming winter session starting on November 29.
The speculation triggered a tiring overnight selling streak, which sent the price of Bitcoin and many other leading cryptocurrencies crashing by more than 20% on exchanges like WazirX.
However, this did not affect the global markets, as cryptocurrencies continued to maintain a stable price.
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