The Indian crypto market is in turmoil and the air is thick with FUD as the government potentially prepares to table the heavily-discussed yet mysterious Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
As rumors of a ban floated around, Indian investors began panic-selling. In response, WazirX CEO Nischal Shetty has been making numerous media appearances to address a widespread lack of crypto literacy.
Time to hit the books
The CEO of the Binance-acquired exchange first spoke about the importance of setting aside ban-related speculation and instead focusing on crypto education.
“A lot of people who don’t understand crypto completely, still see it from an outside point of view. And from an outside point of view, crypto simply seems like a currency alternative. That’s the first thought that comes to mind and then if they go a little deeper, they think about crypto as only a payment use case.”
Switching to Hindi for India’s many investors from smaller cities, Shetty noted how other use cases for crypto – such as NFTs, games, and dApps – rarely entered regulatory conversations. Stressing that crypto offered far more than payment-related use cases, Shetty assured viewers that crypto-based games wouldn’t be banned. He also stated that regulations wouldn’t come into force overnight.
Peering at panic sellers
Shetty reminded viewers that a much-awaited crypto bill wasn’t tabled in January 2021….