Nishal Shetty, an Indian founder and CEO of the cryptocurrency exchange WazirX, expects a race between countries to launch its own domestic issuance of central banks’ digital currencies next year.
Shetty spoke to the Cointelegraph and said that 2022 will be a continuation of the ongoing discussions around cryptocurrency regulations, exchange traded funds (ETFs) and the emergence of metavers:
“We are optimistic that we will gain regulatory clarity and see institutional engagement drive adoption in retail. We also expect new metaverse projects to emerge.”
Shetty pointed out that the crypto industry today directly or indirectly employs around 50,000 people in India, which according to a study from Nascom will grow at double speed, and more than 800,000 jobs can be created by 2030.
Recognizing the delay in regulating cryptocurrencies around the world, Shetty told The Economic Times that a one-day regulation could damage the progress of the ecosystem and leave loopholes for attackers:
There’s a $ 2.5 trillion market out there, and no country is waiting to join. I have been tweeting “#IndiaWantsCrypto” for over 1000 days now with the sole aim of introducing the list of cryptocurrencies in India. ”
Discussions about cryptocurrencies dominated India this year when Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman mentioned the need to regulate cryptocurrencies. In addition, during the winter, the Indian Parliament introduced a bill on cryptocurrencies, which bans “private” cryptocurrencies.
“The question for every nation is: Will they share and get a piece of this pie?” asked Shetty. He also predicted that global participation in cryptocurrencies would rise from 150 million to 400 million if next year follows a growth path similar to 2021.
Shetty stressed that the flow of purchases of non-fungible tokens (NFT) may decline in 2022 as investors try to resell them in secondary markets, adding:
«Web3 will open the door to innovation and more startups in India. Along with the growth of NFT, this will play a major role in promoting the creative economy of India. ”
Cryptocurrency Exchange WazirX has led several marketing initiatives to educate Indian investors about cryptocurrency, and has launched reports and transparency policies to increase confidence in the ecosystem. Shetty believes that disseminating accurate information and destroying misinformation will accelerate the use of cryptocurrency in India, concluding:
“Cointelegraph does a great job of spreading education and awareness about cryptocurrency to the masses. I wish all readers a happy new year with cryptocurrency!”
Related topics: India wants to regulate crypto, not ban it: cabinet papers
Local reports in early December indicated that the Indian government would regulate the crypto sector instead of imposing a total ban.
According to the Indian news agency NDTV, a cabinet memo on the proposed cryptocurrency included a proposal to regulate cryptocurrencies as cryptocurrencies, where the Securities and Exchange Board of India would oversee the regulation of domestic cryptocurrencies.
However, NDTV correspondent Sunil Prabhu stated that the Indian government will not consider the mass adoption of cryptocurrency as a legal tender:
[Cryptocurrency] will not be accepted as a legal tender. That is clearly not the case. I think there was something that even the Prime Minister, in his discussions at that meeting, made very clear that this should not happen. “