In the first Financial Fox episode of 2019, crypto PR guru Stefania Barbaglio interviewed Nischal Shetty, Founder and CEO of WazirX, the most trusted crypto exchange in India. Shetty talks about the country’s ever-growing crypto scene and his online campaign to raise awareness about the importance of setting up a welcoming regulatory framework which will allow cryptocurrencies to improve the economic conditions of the Indian population.
Founded in 2018, WazirX is quickly expanding, at a 15% growth a month according to Shetty. WazirX is a Cryptocurrency exchange with an advanced trading interface and features to buy, sell and trade cryptocurrencies in India. It’s an exchange with a Live Open Order Book system that lets users trade digital assets like Bitcoin, Bitcoin Cash, Litecoin, Dash & many more.
The impressive growth of WazirX is in reality a reflection of the expansion of the crypto revolution in India. “The excitement around crypto in India is huge,” says Shetty, as he believes that there are collectively about 5 to 6 million cryptocurrency users in India, with highest concentration being among the younger population, who see crypto as the future of finance.
The current scene in India is not favourable for cryptocurrencies, although they have not been banned or made illegal by the government. The real problem now is lack of clear guidelines, as the Indian government has not been very forthcoming about where they stand in terms of cryptocurrencies, he says.
The Reserve Bank of India (RBI) prohibited banks from enabling transactions related to cryptocurrencies and crypto exchanges from having bank accounts, but despite the banking ban, manyIndians are trading on crypto exchanges. In December 2018, WarziX reported a record in trading volumes.
Rumour has it that the government will release a draft for crypto policy in February, so with over 50k followers on social media, Shetty recently started the campaign #IndiaWantsCrypto to catch the attention of India’s Finance Ministry around cryptocurrency regulations: “We need positive regulations to allow Indians to be part of the crypto revolution that is happening around the world.”
More developments are expected soon in the crypto regulatory space in India. Follow us on twitter @cassiopeia_ltd and subscribe to our YouTube channel FinancialFox : https://www.youtube.com/channel/UC7ji33FsDOBxWmQNVEEBw2Q?view_as=subscriber
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