What's Hot

    Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    June 25, 2022

    Ava Labs launches a handy new feature

    June 25, 2022

    Dogecoin, a cryptocurrency of choice for criminals?

    June 25, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » WazirX CEO: The crypto market will not wait for countries to join
    Analysis

    WazirX CEO: The crypto market will not wait for countries to join

    AdminBy AdminJanuary 8, 2022No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    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!

    Source: Cointelegraph

    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!

    Salome Guerin

    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.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    June 25, 2022

    Ava Labs launches a handy new feature

    June 25, 2022

    Dogecoin, a cryptocurrency of choice for criminals?

    June 25, 2022

    Crypto.com receives regulatory green light in Singapore

    June 25, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High
    • Ava Labs launches a handy new feature
    • Dogecoin, a cryptocurrency of choice for criminals?
    • Crypto.com receives regulatory green light in Singapore
    • FTX plans to acquire stake in BlockFi

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    June 25, 2022

    Ava Labs launches a handy new feature

    June 25, 2022

    Dogecoin, a cryptocurrency of choice for criminals?

    June 25, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy