Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years

Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years

The founder of Paytm, a major digital payment company in India, is “very positive about crypto.” Noting that cryptocurrency is here to stay,he expects it to become a mainstream technology in a few years. Paytm Founder Is ‘Very Positive About Crypto’

Vijay Shekhar Sharma, the founder of Paytm, said at a virtual conference organized by the Indian Chamber of Commerce (ICC) Thursday that cryptocurrency is here to stay, PTI reported. He added that crypto is Silicon Valley’s answer to Wall Street.

Paytm is an Indian multinational technology company that specializes in digital payments. The company completed an initial public offering (IPO) last week. In its IPO filing, Paytm revealed that it has 337 million registered consumers and 22 million merchants.

Sharma opined: I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life.

The Paytm founder admitted that cryptocurrency is currently being used in a speculative manner, elaborating: Every government is confused. In five years, it will be the mainstream technology.

Sharma believes that people will realize how the world would be without crypto. However, he stressed that crypto will not replace sovereign currencies, like the Indian rupee.

The Paytm founder also said that once his company’s revenue crosses $1 billion, Paytm will be launched in developed countries. “Now Paytm in a JV with a Japanese entity is running Japan’s largest payments system. Later we will go without a partner,” he shared.

Early this month, Paytm Chief Financial Officer (CFO) Madhur Deora indicated that his company is open to offering bitcoin services if crypto assets become legal in India.

The Indian government is currently pushing for cryptocurrency legislation. A cryptocurrency bill is expected to be introduced and passed during the winter session of parliament which starts next week. The bill seeks to ban private cryptocurrencies with some exceptions. However, the bill has not been published and there have been conflicting reports coming out of India regarding the content of the bill. Tags in this story India, indian crypto, indian cryptocurrency, indian government, paytm, vijay shekhar sharma

What do you think about the comments by the Paytm founder? Let us know in the comments section below. Russian Parliament Sets Up Working Group on Cryptocurrency Regulations REGULATION | 19 hours ago Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India REGULATION | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance CEO Says He and Warren Buffett Use Similar Investment Strategy but Doubts Buffett Has Skills to Keep Crypto Safe Next article‘Financial Inclusion’ — A Buzzword for Central Banks Who Secretly Despise Economic Freedom Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSotheby’s to Bring Down the Hammer in Ethereum on 2 Iconic Banksy Paintings

Sotheby’s, the British-founded American luxury auction house, has announced the company will be selling Banksy works for real-time bids in ethereum at “The Now Evening Auction” on November 18. While the upcoming auction will have pieces from highly acclaimed artists ... read more.The Metaverse Is the Next Big Investment Theme, According to Morgan Stanley Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase Finiko Fugitives Suspected of Moving 750 BTC From Crypto Pyramid’s Wallet 13,000 BTC Moved in 20 Months — 2010 Mystery Miner Transfers Another String of 20 Decade-Old Block Rewards