The Indian government maybe a few months away from banning all private cryptocurrencies in the country. However, there are still some who are optimistic about the future of cryptocurrencies in India. Vijay Shekhar Sharma, the founder and CEO of payments company Paytm, is one of them.
In a recent interview, he said that the technology that’s driving cryptocurrencies is all set to go mainstream within a few years. This would mean legalization sooner or later. Sharma said that once cryptocurrencies are legalized, his company will be venturing into it, and there can be no doubts about it.
Sharma also reached out to the government, urging it to clarify its stance on cryptocurrencies. While the government has been planning its next big move in the crypto sector for several months now, its stance hasn’t been clear, even after the announcement of the bill came. Several local news publications in India have claimed that the government will allow crypto exchanges to keep operating, but only if they comply with its regulations.
Sharma believes that clarifying the stance would lead to less confusion. However, only time will tell what’s going to happen with private cryptocurrencies in India in the times to come. After the government announced the tabling of the will in the Parliament’s winter session, Indian crypto markets experienced a panic sale. One of the country’s leading crypto exchanges, WazirX, saw Bitcoin prices plummet, along with the prices of some other cryptocurrencies like Dogecoin and Shiba Inu. However, since that panic sale, crypto prices have started to rise again gradually.