Nischal Shetty, an Indian founder and CEO of the cryptocurrency exchange WazirX, envisions a race between countries to launch its own local issue of central banks’ digital currencies next year.
Shetty told the Cointelegraph that 2022 will be a continuation of ongoing discussions on cryptocurrency regulations, exchange traded funds (ETFs) and the emergence of the metaverse:
“We are optimistic that we will achieve regulatory clarity and see that institutional engagement will drive retail adoption. We also expect new metaverse projects to emerge.”
Shetty noted that today the crypto industry directly or indirectly employs around 50,000 people in India, which according to Nasscom research will grow twice as fast and can create more than 800,000 jobs by 2030.
While acknowledging delays in regulating cryptocurrencies around the world, Shetty told The Economic Times that overnight regulation could hurt ecosystem progress and leave loopholes open to attackers:
“It is a market of 2.5 trillion dollars, and no country is waiting to join. I have been tweeting #IndiaWantsCrypto for over 1000 days with the sole purpose of introducing cryptocurrency regulation in India.
Discussions about cryptocurrencies have been so widespread in India this year that Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have pointed to the need to regulate cryptocurrencies. In addition, during the winter, the Indian Parliament introduced the Cryptocurrency Bill, which aims to ban “private” cryptocurrencies.
“The question for every nation is: are they willing to share and get a piece of this pie?” asked Shetty. He also predicted that global participation in cryptocurrency will increase from 150 million to 400 million if a path similar to 2021 grows next year.
Shetty emphasized that the purchase and sale of NFT tokens may decline in 2022 as investors try to resell them through secondary markets, adding:
Web3 will open doors for innovation and new startups in India. Along with the growth of NFTs, this will play a major role in the development of India’s innovative economy. ”
Cryptocurrency exchange WazirX has led several marketing initiatives to educate Indian investors about cryptocurrencies and has issued reports and transparency policies to increase confidence in the ecosystem. Shetty believes that disseminating the right information and eradicating misinformation will accelerate the use of cryptocurrencies in India and concluded:
“Cointelegraph does a great job of spreading education and awareness about cryptocurrencies to the masses. Happy New Year with cryptocurrencies to all readers!”
Related topics: India wants to regulate, not ban crypto: cabinet papers
Local reports in early December indicated that the Indian government would regulate the crypto sector instead of imposing a direct ban.
According to the Indian news agency NDTV, the Cabinet’s memorandum on the proposed cryptocurrency bill included proposals to regulate cryptocurrencies as cryptocurrencies, with the Securities and Exchange Board of India overseeing the regulation of local crypto exchanges.
However, NDTV correspondent Sunil Prabhu stated that the Government of India would not consider using cryptocurrency as a legal tender:
[Cryptocurrency] will not be accepted as a legal tender. This is clearly not true. I think even the Prime Minister made it clear in his discussions at that meeting that this should not happen. “