India has had some interesting months on the crypto front. Take a look at the journey of WazirX, India’s largest crypto exchange, which went live just three weeks before the Reserve Bank of India put a crypto banking ban in 2018. Since then, WazirX has grown to become the largest exchange for crypto traders based in India.
Nischal Shetty – CEO of WazirX .börse
When specified In the latest Forkast podcast, WazirX CEO Nischal Shetty explained in detail the current crypto environment in India. This interview comes a week after the Indian Directorate of Enforcement proclaim Report the cause for exchanging WazirX in violation of the Foreign Exchange Management Act 1999 (FEMA, 1999) for more than 27.9 billion rupees ($ 382 million) in crypto-related transactions. However, via stream tweet
The company has not yet received an official announcement from WazirX.
Notice of cause is a court order that requires a party to appear in court and explain why certain action should not be taken against it.
On the very basic question of whether there is a banking ban in India, Nischal Shetty said:
“We no longer have a banking ban and our government is actively discussing regulations.”
“We have made great strides, from no banking access in this industry to now, when it is clear that we have access to banking, if not much. There is no law against it. This does not mean that everything is cheap or wonderful. But I’ll say I still see this as progress. “
On the potential of cryptocurrencies to power India’s bankless sector, Shetty said:
“What can reach people is the internet and then possibly cryptocurrency. So if we have some sort of regulation for the entire digital asset ecosystem, you will see these 200 million people taking part in India’s digital initiative. “
From the mixed reactions of the Indian government to cryptocurrencies, the question arises whether the government is against Bitcoin or not. Although many people argue that centralized agencies are against decentralized technology, Nischal Shetty has a very different opinion on it.
“I think the most surprising thing I noticed was the openness because if you look at all of the media news and perception it seems that the government is against it or doesn’t care at all and just causes trouble. But when you talk to some of the top leaders, you find that they want to understand. You want to participate. “
Continuing the same upbeat story, Nischal Shetty spoke about CBDCs and their potential.
“In fact, our central bank has repeatedly said that it is interested in a CBDC. That wouldn’t have happened if other countries hadn’t joined because people are waiting and watching. “
“Now China and other countries are talking about the digital currencies of the central banks. I think India certainly has momentum too. And I have a feeling we’ll see some tangible results of India’s efforts in the next year or two. “
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