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"The answer is 100% yes", says Vijay Shekhar Sharma on entering the crypto space

Per media reports, the Bill will also have a provision to exit their holdings of private cryptocurrency holdings within a stipulated period. While some in the market are speculating that an outright, blanket ban is unlikely and advocating for a more regulated approach, classifying cryptocurrency in the same category as other assets like gold, bonds, etc.

November 26, 2021 / 06:58 PM IST
Paytm listing: Vijay Shekhar Sharma rang the  opening bell at the Bombay Stock Exchange.

Paytm listing: Vijay Shekhar Sharma rang the opening bell at the Bombay Stock Exchange.

"Will you be venturing into crypto? The answer is 100 percent. We would be 100%" 

That was Paytm founder and CEO Vijay Shekhar Sharma's response on being asked whether the digital payment behemoth, whose initial public offer (IPO) received an underwhelming response on the market earlier this month, said on entering the Indian cryptocurrency space.

Positive about the cryptocurrency sector, he said that the technology is fundamentally rooted in cryptography, and in a few years' time, it would be mainstream, just like the Internet. Sharma also urged the government to take a solid, official stand on cryptocurrency, so that the ongoing confusion regarding the same would disappear.

The Indian cryptocurrency ecosystem was thrown in a tizzy with the government announcing the potential introduction of "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 " in the parliament's upcoming winter session, with the intention "to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

Per media reports, the Bill will also have a provision to exit their holdings of private cryptocurrency holdings within a stipulated period. While some in the market are speculating that an outright, blanket ban is unlikely and advocating for a more regulated approach, classifying cryptocurrency in the same category as other assets like gold, bonds, etc.

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Sharma joins the bandwagon with other crypto proponents like Ashish Singhal, Founder, and CEO of crypto exchange CoinSwitch Kuber who believes that cryptocurrencies provide India an opportunity to turn into a net exporter from a net importer of technology. Speaking at the Mumbai Micro Experience of FinTech Festival India 2021-22, Singhal mentioned that cryptocurrencies provide India an opportunity to turn into a net exporter from a net importer of technology.

“We cannot be the late movers in accepting crypto. We already missed the first bus of Internet 1.0. Today, 70 percent of our revenues go to US-based tech giants. We are a net importer of technology. We import over $10 billion of this technology every year and it is expected to grow to $45-30 billion over the next 3-4 years.” Singhal said.
Ira Puranik
first published: Nov 26, 2021 06:58 pm
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