With the emerging adoption of cryptocurrencies all over the world, more and more countries are introducing and working towards launching their own Central Bank Digital Currencies (CBDCs). Amid the ongoing court battles in India for the legal adoption of cryptocurrencies in the country, the CEO of WazirX (an Indian cryptocurrency exchange) suggested India to consider launching its own CBDC.
WazirX CEO, Nischal Shetty said that he is optimistic about the adoption of crypto, as well as blockchain in India, seeing even non-technical people developing interest in DLT. Commenting on the benefits of DLT and how it could be beneficial, Shetty said that India could get complete access to capital with the introduction of blockchain.
Recently, Binance, the biggest crypto exchange globally in terms of the trading volume acquired WazirX, Shetty commented that with the support of the world’s largest cryptocurrency exchange, WazirX would grow rapidly in the country.
In an interview before the Indian 2020 Budget was introduced, Shetty was asked about his expectations on the same (India’s 2020 Budget session). To this, Shetty answered that considering the current status of Crypto in India, he did not expect much but hope the government to at least mention crypto and blockchain in the budget.
He further said that countries all over the world have not only accepted crypto but are also working towards launching their own digital currencies which is why India needs not to stay back and also consider the same. To this Shetty further explained that,
“If other countries come up with their own digital currency before India, and they start spreading it across, what will happen is India will never have the opportunity to have rupee as a global currency someday. But right now it’s open. The market is open. Anyone can jump in.”