Cryptocurrency is here to stay: Paytm founder Vijay Shekhar Sharma

Paytm's Vijay Shekhar Sharma said that cryptocurrency is here to stay.

New Delhi: Paytm founder and CEO Vijay Shekhar Sharma, on Thursday (November 25), said that cryptocurrency is here to stay and it is fundamentally based on cryptography, the study of secure communications techniques.

The chief of the fintech firm said crypto is Silicon Valley's answer to Wall Street. Sharma was speaking at an interactive session organised by ICC virtually. 

"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 was quoted as saying by news agency PTI.

Currently, the Central government appears to be in the process of banning private cryptocurrencies in India. The government recently revealed that it’s planning to introduce a new bill in the winter session of Parliament to ban all private cryptocurrencies. However, as of now, there are regulations that regulate cryptocurrency in India. 

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

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. Also Read: Cryptocurrency future in India: RBI to launch digital currency - All you need to know

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. Also Read: Centre to amend banking laws to facilitate privatisation of two PSU banks

- With PTI inputs