The founder of Paytm, a major digital payment company in India, is “very positive about crypto.” Noting that cryptocurrency is here to stay, He expects that it will be a standard technology within a few years.
Paytm Founder Is ‘Very Positive About Crypto’
Paytm founder Vijay Shekhar Sharma stated at a virtual conference hosted by the Indian Chamber of Commerce, (ICC), Thursday, that crypto is here to stay. He added that crypto is Silicon Valley’s answer to Wall Street.
Paytm, an Indian multinational tech company, specializes in digital payment. Paytm completed its first public offering (IPO), last week. Paytm’s IPO filing revealed that there are 337,000,000 registered users and 22 million merchants.
Sharma expressed the following opinion:
It is something I believe in. It’s based fundamentally on cryptography, and will soon be the standard technology like the internet.
Paytm’s founder, Paytm, admitted cryptocurrency was currently being used for speculative purposes.
Each government is in confusion. It will become the main technology in five years.
Sharma thinks people will soon see the value of crypto. Sharma stressed, however, that crypto won’t replace sovereign currency, such as the Indian rupee.
The Paytm founder also said that once his company’s revenue crosses $1 billion, Paytm will be launched in developed countries. “Now Paytm in a JV with a Japanese entity is running Japan’s largest payments system. Later we will go without a partner,” he shared.
Paytm’s Chief Financial Officer Madhur Deora stated that he is open to providing bitcoin services, if Indian crypto assets are legalized.
Indian officials are pushing for cryptocurrency legislation. It is anticipated that a cryptocurrency bill will be introduced during next week’s winter session. It seeks to ban private cryptocurrency with certain exceptions. The bill has yet to be published. There have also been contradictory reports out of India about the contents of the bill.
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