WazirX CEO: 2.5 trillion crypto market won't wait for latecomers

Nischal Shetty, an Indian trader and CEO of the WazirX cryptocurrency exchange, believes that next year the country will compete to develop a digital currency banking version.

In an interview with Cointelegraph, Shetty said 2022 would be a continuation of the ongoing discussions on governance of cryptocurrencies, exchange-traded funds (ETFs) and the metaverse.

“We hope to have clear management and visible sales promotion agencies. We're also hoping to see more Metaverse campaigns come in. "

Shetty points out that today the cryptocurrency industry directly or indirectly employs around 50,000 people in India. According to a Nasscom study, the industry is expected to double by 2030, with the potential to create more than 800,000 jobs.

Shetty acknowledges the global delay in cryptocurrency regulation, telling The Times that the jet policy could jeopardize ecosystem growth and negatively impact the economy.

“There is a US $ 2.5 trillion market and no country is waiting to join. Over 1,000 days, I tweeted '#India Want Crypto (IndiaWantsCrypto)', and the only goal is that the 'India either to call an encrypted administrator. "

"Day 1000

This is important for Indian cryptocurrency!

You need cryptocurrency to pass #India. Here is my work :

- Establish cryptocurrency regulations in India

- Disseminate legal information on cryptocurrency

Millions of people attended this event.

Let's do more work

Jai Hind #India xav tau cryptocurrency"

—Nischal (@NischalShetty) July 28, 2021

In India this year, as Prime Minister Modi and Finance Minister Nirmala Sitaraman have spoken about the need for cryptocurrency regulation, discussions around cryptocurrency are heated. In addition, the winter session of the Indian Parliament announced a cryptocurrency bill banning “private” cryptocurrencies.

“The question for each country is, do they want to go into this business and get a piece of the pie? Shetty asked. He also predicted that by 2021 and next year, if similar growth is followed, the number of cryptocurrency participants around the world will increase from 150 million to 400 million.

Shetty added that the NFT boom could slow in 2022 as investors try to resell in the middle market.

“Web3 will open the door to more innovations and start-ups in India. With the rise of NFTs, it will play a major role in supporting Indian industry. "

The WazirX cryptocurrency exchange has led many industries to publish notices and policies to educate Indian investors about cryptocurrencies and increase ecosystem confidence. Shetty believes that the disclosure of fraudulent and erroneous information could lead to the use of cryptocurrencies in India. He concludes :

“Cointelegraph has done an amazing job in spreading cryptocurrency education and awareness to the public. Happy New Year to our readers and enjoy cryptocurrency!”

A local report released in December said the Indian government would monitor the cryptocurrency market instead of directly banning it.

According to Indian media NDTV, the Securities and Exchange Commission has approved the regulation of cryptocurrencies based on crypto assets, and the Securities and Exchange Commission of India has overseen the regulation to be made.

However, NDTV correspondent Sunil Prabhu said the Indian government would not consider the importance of using cryptocurrencies as fiat.

“Cryptocurrencies are not recognized as fiat currencies. It's true. Despite the chairman's review of the meeting, I think it is true to prevent this from happening. . "