The Indian crypto community has had an eventful year, with a bill on the horizon, the RBI ban’s supreme court hearing, and the community’s efforts toward positive crypto regulation. News.Bitcoin.com interviewed Nischal Shetty, CEO of local crypto exchange Wazirx, about what the Indian crypto industry could expect in the year 2020 and a wide range of other crypto topics.
Also read: Regulatory Roundup – New US Crypto Bill, France’s 1st Approved ICO, Muslim Crypto
News.Bitcoin.com (BC): How did you first get involved in crypto? What attracted you to the industry?
Nischal Shetty (NS): I’ve been on and off learning/understanding crypto since 2009. But I got deep into it only in 2017. The “permissionless” aspect of crypto is what attracted me to this industry. Imagine being able to build what you want without needing to rely on any other person or company. This aspect of crypto will lead to innovations in finance and tech that has never been possible in traditional financial systems.
BC: How will crypto benefit India?
NS: There are millions of ways in which crypto will immensely benefit India. To keep my answer short, the three prominent benefits would be:
1. Employment and entrepreneurship:
Hundreds of crypto startups will emerge the moment the Indian government takes a positive step forward in crypto. This will, in turn, lead to thousands of new jobs in the country.
2. Access to cheaper capital:
The interest rates in India are higher than in most other countries. Crypto has the power to provide access to cheaper capital in India.
3. Banking the unbanked:
There are over 300 million unbanked in India. Traditional banking requires physical infrastructure thus making it difficult and
