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'Blockchain and crypto can form the new internet': CoinSwitch CEO Ashish Singhal

India must establish rules on cryptocurrencies to resolve regulatory uncertainty, protect investors and boost its crypto sector, CoinSwitch CEO Ashish Singhal said on Sunday.

May 23, 2022 / 01:36 PM IST
Coinswitch CEO Ashish Singhal

Coinswitch CEO Ashish Singhal

Startups are trying to form a regulatory regime to guide a global framework for crypto and blockchain, CoinSwitch CEO Ashish Singhal said in an interview with Moneycontrol on May 22 at the World Economic Forum in Davos.

Singhal, a former Amazon engineer who co-founded CoinSwitch, also added that the blockchain and crypto can form the new internet in the future.

"India is contributing a lot to global startup ecosystem. I hope many more unicorns evolve from India and build the next Google, Facebook from India on blockchain", he said.

CoinSwitch, which is valued at $1.9 billion, says it is the largest crypto company in India with more than 18 million users. The firm, is based in India's main tech hub of Bengaluru.

Singhal believes that daunting yet exciting times are ahead for startups in India.

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Singhal's comments come at a time when cryptos, like other asset classes, are under extreme negative pressure due to the hawkish stance of global central banks.

The Reserve Bank of India (RBI) has been cautioning investors and the government against cryptocurrencies and continues to maintain its position, more so amid the current crypto market crash, said governor Shaktikanta Das.

In an exclusive interview with CNBC-TV18 today, Das said, "We have been cautioning against crypto and look at what has happened to the crypto market now. Had we been regulating it already, then people would have raised questions about what happened to regulations."

"This is something whose underlying (value) is nothing. There are big questions on how do you regulate it. Our position remains very clear, it will seriously undermine the monetary, financial and macroeconomic stability of India," the Governor added.

Click here to read all the latest stories related to Davos 2022

Meanwhile, all major digital tokens resumed their slide on May 23, giving up the gains they had eked out over the weekend, as regulators continued to circle.

Bitcoin, the world's largest cryptocurrency, has lost around one-fifth of its value so far this month.

Bank of France Governor Francois Villeroy de Galhau told a conference on Monday that crypto assets could disrupt the international financial system if they were not regulated and made interoperable in a consistent and appropriate manner across jurisdictions.

The US Federal Reserve warned last week that stablecoins were vulnerable to investor runs because they were backed by assets that could lose value or become illiquid in times of market stress.

Click here to watch the full interview

 
Moneycontrol News
first published: May 22, 2022 09:00 pm
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