Cryptocurrency is here to stay, says Paytm founder Vijay Shekhar Sharma

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Cryptocurrency is here to stay, says Paytm founder Vijay Shekhar Sharma

Highlight

  • Cryptocurrency is here to stay and it is fundamentally based on cryptography: Paytm Founder
  • “Every government is confused. In five years, it will be mainstream technology,” says Vijay Shekhar
  • Currently, there are no specific rules or restrictions on the use of cryptocurrencies in the country.

Fintech firm Paytm founder Vijay Shekhar Sharma said on Thursday that cryptocurrency is here to stay and it is fundamentally based on the study of cryptography, secure communication technologies.

Speaking at an interactive session organized by the ICC virtually, Sharma said that crypto is Silicon Valley’s answer to Wall Street.

“I am very positive about crypto. It is fundamentally based on cryptography and in a few years will be a mainstream technology like the internet which is (now) part of daily life,” he said.

Currently, there are no specific rules or any restrictions on the use of cryptocurrencies in the country. Prime Minister Narendra Modi last week held a meeting on cryptocurrency with senior officials and indicated that stronger regulatory steps could be taken to tackle the issue.

Sharma said that now it is being used in a speculative manner. “Every government is confused. In five years, it will be mainstream technology”.

People will realize what the world was like without crypto, he claimed but added that it would not be a replacement for a sovereign currency.

Sharma also said that once Paytm’s revenue exceeds USD 1 billion, it will be taken to developed countries.

“Now Paytm is running Japan’s largest payment system in a joint venture with a Japanese entity. Later we will go without any partners,” he said.

He said Paytm, which went public this month, is driving financial inclusion among Indians who do not have access to formal finance.

“Paytm will bring access to financial services at a lower cost to all. Going public will help a lot as it will provide access to capital and talent,” he added.

Sharma claimed that international investors have a better understanding of Indian entities than Indian investors.

Read also: Government will bring a bill to ban cryptocurrencies, government will take forward RBI’s digital currency

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