Paytm may enter into the Indian cryptocurrency arena

Optimistic about the cryptocurrency area, he stated that the technology is essentially deeply-rooted in cryptography, and after a few years, it would be mainstream.

Paytm founder and CEO Vijay Shekhar Sharma said “The answer is 100 percent Yes. We would be 100%,” when he was asked in an interview with Money Control whether the digital payment giant, who suffered an underwhelming initial public offer (IPO) response earlier this month, will be joining the Indian cryptocurrency arena.

Optimistic about the cryptocurrency area, he stated that the technology is essentially deeply-rooted in cryptography, and after a few years, it would be mainstream. Sharma also prompted the government to make a firm, clear stance on cryptocurrency to pass the continuous uncertainty.

The Indian cryptocurrency ecosystem was launched in a stir with the government declaring the possible initiation of “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” in the parliament’s upcoming winter session, with the aim “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

According to media reports, the Bill will also plan to exit their private cryptocurrency shares within a stipulated period. At the same time, some in the market think that a complete blanket prohibition is questionable and advocate for a more controlled strategy, incorporating cryptocurrency in a similar category as other assets like gold, bonds, etc.

Sharma follows the bandwagon with other crypto enthusiasts like Ashish Singhal, Founder and CEO of crypto exchange CoinSwitch Kuber who considers that cryptocurrencies allow India to turn into a net exporter from a net importer of technology. 

“We cannot be the late movers in accepting crypto. We already missed the first bus of Internet 1.0. Today, 70 per cent of our revenues go to US-based tech giants. We are a net importer of technology. We import over $10 billion of this technology every year, and it is expected to grow to $45-30 billion over the next 3-4 years.” Singhal said.

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