Founder of Paytm: Crypto Is Here to Stay
Paytm’s founder, a prominent digital payment startup in India, is “very positive about crypto.” He believes that bitcoin is here to stay and that it will become a dominant technology in the coming years.
According to PTI, Paytm founder Vijay Shekhar Sharma stated Thursday at a virtual conference hosted by the Indian Chamber of Commerce (ICC) that cryptocurrency is here to stay. He went on to say that cryptocurrency is Silicon Valley’s reaction to Wall Street.
Paytm is a multinational technology business based in India that focuses in digital payments. Last week, the business completed its first public offering (IPO). Paytm disclosed 337 million registered users and 22 million merchants in its IPO filing.
I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life.
The Paytm founder acknowledged that cryptocurrency is now being utilized speculatively, explaining:
Every government is confused. In five years, it will be the mainstream technology.
Sharma believes that people would understand how different the world would be if cryptocurrency did not exist. He did, however, emphasize that crypto will not replace sovereign currencies such as the Indian rupee.
Paytm’s founder also stated that after his business’s sales reaches $1 billion, the company will expand in developed countries. “Now, Paytm, in collaboration with a Japanese business, operates Japan’s largest payment system.” “We’ll go without a buddy later,” he explained.
Paytm Chief Financial Officer (CFO) Madhur Deora stated earlier this month that his business is open to selling bitcoin services if crypto assets become legal in India.
Currently, the Indian government is working for cryptocurrency legislation. A cryptocurrency measure is anticipated to be tabled and enacted during parliament’s winter session, which begins next week. With limited exceptions, the bill intends to prohibit private cryptocurrencies. However, the law has not been published, and there have been contradictory reports from India over the measure’s substance.