$ 2.5 million crypto market won’t wait for nations, says WazirX CEO

Nischal shetty, Indian businessman and CEO of the WazirX crypto exchange, sees a race between countries to bring their local versions of central bank digital currencies to market in the coming year.TO

Shetty said so when speaking to Cointelegraph 2022 will be a continuation of the ongoing discussions about cryptocurrency regulations, exchange traded funds (ETFs) and the emergence of the metaverse:

“We are optimistic that we will gain regulatory clarity and that institutional participation will drive adoption in the retail sector. We also hope that more Metaverse projects will be added. “

Shetty pointed this out the cryptocurrency sector today employs – directly or indirectly – around 50,000 people in India, and which, according to research by Nasscom, is expected to grow twice as fast, and has the potential to create more than 800,000 jobs by 2030.

$ 2.5 million crypto market won’t wait for nations, says WazirX CEO
$ 2.5 million crypto market won’t wait for nations, says WazirX CEO

Recognizing the delays in crypto regulations around the world, Shetty told the Economic Times that overnight regulation could harm the progress of the ecosystem and leave loopholes for bad actors:

“There’s a $ 2.5 trillion market and it won’t wait for a nation to decide to join. I tweeted ‘#IndiaWantsCrypto’ for over 1,000 days with the sole goal of having crypto regulation in India. “

Day 1000

What an achievement for cryptocurrency in India!

With #IndiaWantsCrypto my mission was:

– Introduction of positive regulation for cryptocurrencies in India
– Spread the right information about cryptocurrencies

Thousands of people have joined this campaign

Let’s get on with our mission

Jai Hind #IndiaWantsCrypto

There has been a lot of debates about cryptocurrencies in India this yearhow Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman cited the need for crypto regulations. In addition, the winter season of the Indian parliament introduced a cryptocurrency law that sought to ban “private” cryptocurrencies.

“The question for each nation is: Â Do you want to join in and get a piece of this cake?“asked Shetty. Also predicts that the global share of cryptocurrencies will increase from 150 to 400 million people if it embarks on a growth path similar to that in 2021 in the next year.

Shetty highlighted that the large number of purchases of non-fungible tokens (NFT, for its English acronym) could slow down in 2022 as investors seek to resell through secondary markets, adding:

Web3 will open the doors to innovation and more startups in India. Along with the rise of NFTs, it will play a huge role in boosting the economy of Indian creators.

The WazirX cryptocurrency exchange has put in numerous marketing efforts to educate Indian investors about cryptocurrencies and to publish transparency guidelines and reports to add credibility to the ecosystem. Shetty believes that spreading the right information and ending misinformation will accelerate the adoption of cryptocurrencies in India, and concludes:

“Cointelegraph is doing a phenomenal job of spreading crypto education and awareness among the masses. I wish all readers a very happy and crypto-filled New Year. “

Local reports from early December suggested that The Indian government would regulate the cryptocurrency sector instead of imposing an outright ban.

According to Indian media company NDTV, a cabinet note on the Cryptocurrency Act included proposals to regulate crypto as crypto assets, With the Securities and Exchange Board of India, which oversees the regulation of local crypto exchanges.

However, NDTV journalist Sunil Prabhu said that The Indian government will not consider the widespread adoption of cryptocurrencies as legal tender:

“[Las criptomonedas] they are not accepted as legal tender. That’s a resounding no. I think that even the Prime Minister made that absolutely clear in his deliberations at this meeting and assured him that this would not take place. “

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