Cryptocurrency in India is making slow but steady strides toward mainstream adoption. Following the reversal of the banking ban on cryptocurrencies by the Supreme Court, platforms like WazirX are spearheading efforts to make crypto more accessible and convenient for Indian investors. In an exclusive interview, Nischal Shetty, CEO, and Co-founder of WazirX, shares insights into the evolving landscape of crypto in India and the initiatives WazirX is undertaking to lead this revolution.
Post-Ban Growth: The Sleeping Giant Awakens
Shetty describes the Supreme Court’s decision to lift the crypto ban as a monumental moment for the Indian crypto ecosystem. The verdict reopened banking channels, enabling smoother transactions for crypto traders and enthusiasts.
“Since the ban removal, our trading volume has grown by over 470%, and our signups have increased by 185%. With a population of over 1 billion, India is a sleeping giant in the crypto market,” Shetty stated.
This growth signifies a strong demand for cryptocurrencies in India, which Shetty believes will only strengthen with positive regulations.
Addressing Fraud in the Crypto Space
India has witnessed its share of crypto fraud cases, a challenge Shetty attributes to a lack of awareness and greed-driven decisions.
“Scams occur when people fall for promises of quick riches,” Shetty remarked.
To combat this, WazirX is actively working with the Internet and Mobile Association of India (IAMAI) to establish a code of conduct for cryptocurrency companies. This initiative aims to foster trust, transparency, and education within the ecosystem.
Innovations at WazirX: The AMM-Based DEX
Shetty revealed plans for an Automated Market Maker (AMM)-based Decentralized Exchange (DEX).
“AMMs enable decentralized token exchanges without the need for order books. This is a step toward a decentralized financial ecosystem.”
By building tools that democratize access to financial systems, WazirX hopes to onboard billions of Indians to the DeFi (Decentralized Finance) revolution.
A Journey into Cryptocurrency
Shetty’s personal journey into the blockchain space began with a realization about the fragility of centralized systems.
“Centralized social networks like Twitter and Instagram changing rules made me realize the importance of decentralized systems,” he said.
This epiphany inspired him to create WazirX, focusing on world-class user experience, transparency, and trust.
Crypto as a Commodity: A Progressive Perspective
Commenting on Mr. Garg’s statement about treating crypto as a commodity in India, Shetty views it as a step in the right direction.
“Referring to crypto as a commodity reflects progress. Dialogue and open discussions are critical for framing the right regulations,” Shetty emphasized.
The Vision for WazirX
WazirX aims to make cryptocurrency accessible to every Indian. This includes forging partnerships with educational institutions to spread knowledge and awareness about blockchain technology and crypto trading.
“We’re partnering with ed-tech startups to educate young professionals and students. Collective efforts to squash myths and misinformation around crypto are essential,” Shetty stated.
Future of Cryptocurrency in India
Shetty paints an optimistic picture of India’s crypto future.
“As global giants like JP Morgan and PayPal adopt crypto, mainstream use cases will emerge, pushing crypto adoption in India. The future is exciting!”
Conclusion
India’s cryptocurrency market, led by platforms like WazirX, is poised for exponential growth. With rising awareness, innovative solutions, and supportive regulations, the country is on the brink of becoming a significant player in the global crypto ecosystem.
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