The $2.5 Trillion Crypto Market will Not Wait for Countries to Join: WazirX CEO

Follow us on Google News

Key takeaways:

  • In the coming year, according to Nischal Shetty, countries will compete to develop their own versions of central bank digital currency (CBDC).
  • Shetty told Cointelegraph that the ongoing discussions over crypto laws, exchange-traded funds (ETFs), and the rise of the metaverse may continue in 2022.
2.5 Trillion Crypto Market Will Not Wait For Countries To Join
2.5 Trillion Crypto Market will Not Wait for Countries to Join

Nischal Shetty, an Indian entrepreneur and the CEO of crypto exchange WazirX, sees competition between countries to create their own versions of central bank digital currency (CBDC) in the coming year.

Shetty told Cointelegraph that the year 2022 might see a continuation of the ongoing debates over crypto regulations, exchange-traded funds (ETFs), and the rise of the metaverse:

We’re optimistic that regulatory clarity will be achieved, and that institutional engagement will encourage retail adoption.” We also anticipate to see additional metaverse-related projects emerge.”

According to Shetty, the crypto industry already employs roughly 50,000 people in India, and according to NASSCOM study, the industry is expected to grow 2X faster by 2030, with the potential to create over 800,000 employment.

Recognizing the delays in crypto regulations around the world, Shetty told The Economic Times that a one-day regulation might harm the ecosystem’s progress and leave hazardous actors with wide loopholes:

“There is a $2.5 trillion market out there, and it will not wait for any country to join.” For over 1,000 days, I’ve been tweeting ‘#IndiaWantsCrypto’ with the sole goal of bringing crypto regulation to India.”

Crypto debates have been raging in India this year, with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman both citing the need for crypto regulations. In addition, during the winter session of the Indian Parliament, a crypto bill was introduced, requesting a prohibition on “private” cryptocurrencies.

“The question for every country is, do they want to participate and receive a piece of this pie?” Shetty asked. He also forecasted that global crypto participation would increase from 150 million to 400 million people if the coming year continues the same path as 2021.

Shetty stated that the nonfungible token (NFT) buying frenzy may slow down in 2022 when buyers attempt to sell via secondary markets, such as:

Local research from early December suggested that the Indian government should regulate the crypto sector rather than outright ban it.

According to NDTV, a draught of the proposed crypto bill included plans to regulate cryptocurrencies as crypto property, with the Securities and Exchange Board of India (SEBI) monitoring the regulation of local crypto exchanges.

NDTV, on the other hand, reported The Indian government, according to Sunil Prabhu, will not consider mass adoption of cryptocurrencies as legal tender:

“[Cryptocurrency] will not be accepted as legal tender.” That is an unequivocal no. That is, I believe, what the prime minister made quite clear in his considerations at that meeting to ensure that this does not happen.”

Default image
Chetna Prakash