India should look into the Introduction of its CBDC, Says WazirX CEO

News / 04.02.2020

Cryptocurrencies have become the buzzword worldwide even as several nations are working towards the introduction and launching of their Central Bank Digital Currencies (CBDCs).

Recently, in an interview, the CEO (Nischal Shetty) of the Indian crypto exchange, WazirX, expressed the opinion that India should likewise look into the release of its CBDC.

Shetty expressed his bullish view concerning cryptocurrency and blockchain adoption in India, based on the way the non-tech individuals are striving to comprehend DLT. He commented on the potential advantage of DLT in a country like India: there will be access to capital and it is required for the country to grow.

In recent times, Binance acquired WazirX and while Shetty was speaking, he said WazirX could realize rapid growth in India with the support of Binance.

Shetty is not expecting too much since he believes that cryptocurrency is sort of a new thing in the country. Notwithstanding, he thought the government would at least mention cryptocurrency and blockchain during the country’s 2020 Budget session.

He highlighted the countries looking forward to launching their CBDCs and noted that India should absolutely look into the same. Shetty said the market is open at the moment for anyone to enter, so the government of India should use the opportunity.

While responding to the possibility of India achieving its 5 trillion USD economy target by 2025 if cryptocurrency is considered, he said that it is achievable only if entrepreneurs in the country have access to the needed capital.

He continued that new investments valued at $5 billion or $10 billion can enter the economy of the country if crypto is allowed. There will be new jobs and the economy will grow.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.