At the current time, the Indian government is stuck with the decision of banning or voting against the digital asset ban in the country. It is worth noting that other major economies like China and Turkey have already ruled against the crypto industry inclusion. Just like Russia, the Indian government is still contemplating imposing an exodus on the nascent industry.
However, Nischal Shetty, the CEO and founder of the Mumbai-based cryptocurrency exchange WazirX seems to think that the governments have no other options but to adapt. It is worth mentioning that a few days ago, the Indian parliament called for an official meeting with the cryptocurrency stakeholders to discuss and reflect upon the issue.
WazirX CEO Nischal Shetty has been featured in the 2014 Forbes India under 30 entrepreneurs. He is considered an expert on all things related to blockchain in the region. He was recently reflecting on the question of cryptocurrency regulations in India; he claimed that 2022 is likely to prove as a point of inflection for digital asset trading in the country.
Shetty is also the man behind a marketing bot called Crowdfire. WazirX users can conduct peer-to-peer trading with randomized node validator selections. It is also an open-sourced project. He claimed that because crypto investors increased by 10-15 times in 2021, 2022 may be going to see even greater growth.
Shetty also reflected positively on the CBDCs variants that are under discussion at the state-level organizations. He opines that most countries in the world might jump-start pilot runs for their local CBDC projects in the next year. He also thinks that CBDCs are going to further promote the digital asset market rather than shunning the DeFi sector.
He pointed out that one of the biggest obstacles in the greater embracing of cryptocurrencies is the scalability limitations. According to him, by 2022, blockchain developers will be able to share multiple solutions for addressing the scalability issues and, in turn, make way for a wider investor adoption. He claimed that around 5 billion people are using the internet today while there are only 150 million in the blockchain industry; therefore, there is plenty of room for further growth.