Nischal Shetty, an Indian entrepreneur and CEO of crypto exchange WazirX, envisions a race between countries to launch their local versions of central bank digital currencies in the coming year.
Speaking to Cointelegraph, Shetty said that the year 2022 would be an extension of the ongoing discussions around crypto regulations, exchange-traded funds (ETF) and the emergence of the metaverse:
“We’re optimistic that we’ll get regulatory clarity and see institutional participation fuel retail adoption. We also expect to see more metaverse projects making an entrance.”
Shetty pointed out that the crypto industry today — directly or indirectly — employs about 50,000 people in India, which, according to Nasscom research, is expected to grow two times faster with the potential to have created over 800,000 jobs by 2030.
Acknowledging the delays in crypto regulations across the globe, Shetty told The Economic Times that an overnight regulation might harm the progress of the ecosystem and leave open loopholes for bad actors:
“There is a $2.5-trillion market out there, and it is not going to wait for any nation to come on board. I’ve been tweeting ‘#IndiaWantsCrypto’ for over 1,000 days with the sole objective of having crypto regulation in India.”
What a milestone for Indian Crypto!
With #IndiaWantsCrypto my mission has been:
– Bring positive crypto regulation in India
– Spread right information about Crypto
Lakhs of people have joined this campaign
Let’s continue our mission
Jai Hind #IndiaWantsCrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) July 28, 2021
Discussions around crypto were prevalent in India this year as Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman cited the need for crypto regulations. In addition, the winter season of the Indian Parliament introduced a crypto bill that sought a ban on “private” cryptocurrencies.
“The question for every nation is: Do they want to participate and get a share of this pie?” asked Shetty. He also predicted that…