Nischal Shetty, Indian entrepreneur and CEO of cryptocurrency exchange WazirX, is planning a race between countries to launch their local versions of central bank digital currencies in the coming year.
The forecast for the year 2022
Speaking to Cointelegraph, Shetty said the year 2022 will be even more fruitful when it comes to discussions about the regulation of crypto, exchange-traded funds (ETFs) and the emergence of the metaverse:
” We are optimistic about regulatory clarity and the uptake of institutional participation by retailers. We also expect to see more Metaverse projects come out of the shadows. “
Immediate regulation is not a reliable pillar for financial stability
Shetty pointed out that at present the crypto industry provides jobs, either directly or indirectly, to around 50,000 people in India. According to research from Nasscom, this figure is expected to grow twice as fast, estimating that over 800,000 jobs will be created by 2030.
Acknowledging the rather slow pace of crypto regulation across the world, Shetty has, however, declared at Economic Times that immediate regulation could hamper the progression of the ecosystem and leave loopholes open to bad actors:
“We have a $ 2.5 trillion market ahead of us, and it’s not going to wait for a nation to come on board. I have been tweeting ”#IndiaWantsCrypto” for over 1000 days with the sole aim of having cryptocurrency regulation in India.“
Discussions around the cryptosphere were common in India this year. Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman also cited the need for crypto regulation. In addition, the winter season of the Indian Parliament introduced a cryptocurrency bill aimed at banning “private” cryptocurrencies.
“The question every nation needs to ask is, do they want to participate and get a piece of this pie?Asked Shetty.
He also predicted that the number of people involved in the cryptocurrency market would drop from 150 million to 400 million if the coming year followed a similar growth path as 2021.
Shetty pointed out that the frenzy of buying non-fungible tokens (NFTs) may wane in 2022 as investors attempt to resell them in secondary markets, adding:
“The Web3 will open the doors to innovations and many startups in India. Along with the growth of the NFT world, it will play a huge role in promoting the creative economy in the country.“
Driving the adoption and regulation of cryptocurrency in India
The WazirX crypto exchange has put a lot of effort intomarketingto raise awareness among Indian investors in cryptocurrency matters. It has also launched reports and proposed transparency policies to add credibility to the ecosystem. Shetty believes that the dissemination of relevant information promotes wider adoption of cryptocurrency in his country.
In early December, local reports indicated that the Indian government was going to regulate the cryptocurrency industry instead of imposing an outright ban.
According to local media NDTV, a cabinet memo regarding the cryptocurrency bill contained suggestions to regulate cryptocurrencies as assets under the supervision of the Securities and Exchange Board of India.
That said, NDTV reporter Sunil Prabhu announced that the Indian government would not consider the traditional adoption of cryptocurrency as a legal currency:
“[La cryptomonnaie] will not have the status of legal tender. It is a clear no. I think even the Prime Minister, in his deliberations at this meeting, made his position clear.“
The subcontinent is still on its way to the final cryptocurrency decision. Key industry player Nischal Shetty continues to publicly announce his point of view, which however does not run counter to state opinion. We will be monitoring developments in India to keep you updated, so please stay on Cointribune!
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss out on Cointribune essentials!
If cryptocurrencies are synonymous with financial freedom, then they must play a key role in the financial empowerment of women. With the right education, crypto can be a powerful tool in fighting the battle against gender inequalities.