Sunday, February 5, 2023

Crypto Regulation Will Expand Digital Assets’ Reach In Small Towns, Says CEO Of WazirX

As crypto adoption starts growing in India, the government is almost ready to table a new crypto bill to regulate digital assets. 

Nischal Shetty, the CEO of WazirX believes that cryptos need proper rules and regulation, as it will expand the reach of digital assets in the country, especially in smaller towns. 

In this 21st century, cryptocurrencies are considered to be the most important asset class. In today’s time, over 150 million Indians own cryptocurrencies, total worth Rs. 1500 crore. 

According to the recent report, once again the Bitcoin has been able to recover its value in the market and has surpassed the mark of $50,000. The cryptocurrency is being traded in green with a market cap of over $921 billion.

Earlier, it was reported that this year WazirX experienced a huge surge of 2648 percent in its user signups from tier 2 and tier 3 cities in the country. The exchange observed that most signups on its platform were from women, who belong to the small towns.

Reportedly, since January 2021, WazirX, which is one of India’s leading crypto exchanges, clocked $21.8 billion in overall trading volume.

While talking about the crypto bill, Shetty, said, “We welcome the government’s move on the cryptocurrency bill and wish that cryptocurrencies will not only become available for mainstream investors but also to those who have an inclination to try the new asset class. We already have our own self-regulatory code of conduct and best practices in place for our users.”

A week ago, Finance Minister of India Nirmala Sitharaman released a public statement notifying that the ministry has been waiting for Cabinet’s approval on the crypto bill, as soon as the bill gets clearance, the government would initiate the further process.

On the other hand, the government is also planning to introduce its own digital currency, presently, the work is in progress. The Reserve Bank of India (RBI) has stated that by the end of 2021, it might come out with a model of central bank digital currency (CBDC).

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