Indian crypto exchange WazirX CEO, Nischal Shetty, in conversation with Sumit Jain, Co-founder of Commonfloor, at the OpenTalk platform explained why crypto is important for the common man in India.
When asked his views on “Bitcoin for a common man”, he stated that the entire ethos of the internet is to empower the people, and Bitcoin is empowering them monetarily. He also added,
The Indian government is completely neutral right now. They have not said that crypto is illegal, they have not said crypto is legal. And because off the Innovative nature of crypto, there’s nothing in the law that states what to do with it…That’s how crypto seems to be today, but what can you do and what can you not do? So, the only government-related body that has come up with something was the RBI, where they said that none of the banks should deal with crypto-related businesses. So, as a crypto exchange today, we do not have a bank account in India. We cannot accept money from people because we are not allowed to according to RBI, but RBI does not set the rules for the people of the country like for you and me.
Why Indian Government Needs a Positive Approach Towards Crypto?
Even after a decade of existence and covering most of the first and second world, the crypto industry hasn’t been able to penetrate the Indian market as prominently as it would’ve liked. The reason? Government’s pessimistic approach towards crypto. While there are several factors which the authorities highlight to justify their banning crypto in the country, there’s one area where India is losing ground to its fiercest economic rival and neighbor, China. That’s the area of capitalizing the crypto-blockchain tech, which the Chinese mainstream is gradually adopting.
Nischal’s Campaign on Twitter #IndiaWantsCrypto
Reminding this to the government, Nischal tweeted with his long running campaign on social media platform, that recent surge in the blockchain industry in China has helped the country to gain a competitive edge over India, with thousands of companies adopting blockchain. He shows his concern, tagging Indian PM Narendra Modi and Finance Minister Nirmala Sitharaman, that India will lose on this crucial tech battle if the government doesn’t take necessary steps.
China’s push for Blockchain has helped it surge ahead in tech
There are thousands of companies in China that are involved in Blockchain
India needs to catch up with China else we risk losing an important tech sector
— Nischal (WazirX) ⚡️ (@NischalShetty) November 19, 2019
WazirX is India’s largest crypto exchange, and one of the few companies that have managed to survive the wrath of regulatory authorities in the country. Especially, after the RBI announced stringent regulations, and directed commercial banks to refrain from serving crypto companies, many established players on the Indian crypto scene failed to stay active and were forced to suspend operations.