Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
Cryptocurrency adoption is increasing exponentially worldwide, and several nations are working to introduce and launch their Central Bank Digital Currency (CBDC). In an interview, the Wazir X CEO, Nischal Shetty, expressed that India should look into launching its CBDC.
Shetty also talked about his bullish view concerning cryptocurrency and blockchain adoption in India, based on how the non-tech individuals are striving to comprehend DLT in a country like India. He says that there will be access to capital, and it is required for the nation to grow.
India’s Cryptocurrency Adoption
Recently, Binance acquired Wazir X, and Shetty thinks the two firms could realize cryptocurrency rapidly in India. He is, however, not expecting too much since he believes that cryptocurrency is a new thing in the country. Although, he thought the government would include cryptocurrency and blockchain in the country’s 2020 budget session.
Shetty also highlighted the nations planning to launch their CBDCs and noted that India should do it. He said that the market is currently open for anyone to enter, including the Indian government. While responding to India’s probability of achieving its 5 million USD economy target by 2025 if cryptocurrency gets considered, Shetty noted that it is achievable only if entrepreneurs in the country get access to the needed capital.
WazirX CEO, also pointed out that the new investments valued at $5 billion or $10 billion can enter the country’s economy if cryptocurrency gets permitted. In this case, there will be new jobs and the growth of the economy.