The founder of Paytm, a large digital payment company in India, is “very positive about crypto.” Notice that cryptocurrency is here to stay, he expects it to become a common technology in a few years.
Paytm founder is ‘very positive about crypto’
Vijay Shekhar Sharma, the founder of Paytm, said at a virtual conference organized by the Indian Chamber of Commerce (ICC) on Thursday that cryptocurrency is here to stay, PTI reported. He added that crypto is Silicon Valley̵[ads1]7;s answer on Wall Street.
Paytm is an Indian multinational technology company specializing in digital payments. The company completed an IPO last week. In its IPO, Paytm revealed that it has 337 million registered consumers and 22 million sellers.
I’m very positive about crypto. It is fundamentally based on cryptography and will be the usual technology in a few years as the internet which (now) is a part of daily life.
The Paytm founder admitted that cryptocurrency is currently used in a speculative way, and elaborates:
Every government is confused. In five years, it will be mainstream technology.
Sharma believes that people will realize what the world would be like without crypto. However, he stressed that crypto will not replace sovereign currencies, like the Indian rupee.
The Paytm founder also said that when the company’s revenue exceeds $ 1 billion, Paytm will be launched in developed countries. “Now Paytm is running in a JV with a Japanese unit Japan’s largest payment system. Later we will go without a partner,” he said.
Earlier this month, Paytm Chief Financial Officer (CFO) Madhur Deora indicated that his company is open to offering bitcoin services if cryptocurrencies become legal in India.
The Indian government is currently pushing for cryptocurrency legislation. A bill on cryptocurrency is expected to be introduced and adopted during the winter session of parliament starting next week. The bill seeks to ban private cryptocurrencies with some exceptions. However, the bill has not been published and there have been conflicting reports from India regarding the content of the bill.
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