Cryptocurrency is here to stay, says Paytm founder

Says once Paytm’s revenue crosses USD one billion, it will be taken to developed countries

Cryptocurrency is here to stay, says Paytm founder

Paytm founder Vijay Shekhar Sharma. File photo

Kolkata, November 25

Fintech firm Paytm founder Vijay Shekhar Sharma on Thursday said cryptocurrency is here to stay and it is fundamentally based on cryptography, the study of secure communications techniques.

Speaking at an interactive session organised by ICC virtually, Sharma said crypto is Silicon Valley’s answer to Wall Street.

“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,” he said.

Currently, there are no particular regulations or any ban on use of cryptocurrencies in the country. Prime Minister Narendra Modi last week held a meeting on the cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.

Sharma said it is being used in a speculative manner now. “Every government is confused. In five years, it will be the mainstream technology”.

People will realise how the world was like without crypto, he claimed but added that it will not be a replacement of the sovereign currency.

Sharma also said once Paytm’s revenue crosses USD one billion, it will be taken to the 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 said.

Paytm, which went public this month, is driving financial inclusion among the Indians who do not have access to formal finance, he said.

“Paytm will reach financial services at low cost to all. Going public will help a lot as it will give access to capital and talent,” he stated.

Sharma claimed international investors have a better understanding of Indian entities than Indian investors. —PTI

Tribune Shorts


Top Stories

Amit Shah likely to make statement on Nagaland incident in both Houses

Amit Shah likely to make statement on Nagaland incident in both Houses

Security forces opened fire on civilians killing 14 and inju...

India beat New Zealand by 372 runs in second Test, win series 1-0

India beat New Zealand by 372 runs in second Test, win series 1-0

India off-spinner Jayant Yadav was the pick of the bowlers o...

Shimla: Kufri and Narkanda get first spell of mild snow

Shimla: Kufri and Narkanda get first spell of mild snow; 130 roads blocked in Himachal

The hoteliers are upbeat as tourist inflow is expected to in...

Foray in Russian  Far East on table, Putin arrives today

Foray in Russian Far East on table, Vladimir Putin arrives today

Prime Minister Narendra Modi will host Russian President Vla...

I can’t stoop to Digvijaya Singh’s level, Jyotiraditya Scindia says on ‘traitor’ allegation

I can’t stoop to Digvijaya Singh’s level, Jyotiraditya Scindia says on ‘traitor’ allegation

The BJP leader says he will maintain the level of the Scindi...

Cities

View All