The founder of India's biggest crypto exchange has said that the digital rupee is going to be 'amazing' 🚀 WazirX's CEO NischalShetty told us that he believes the CBDC 'will actually grow the public crypto markets' 📈
Shetty came on the CoinMarketRecap podcast after it emerged that India's government plans to tax profits from crypto trades atThe WazirX founder described the new measures as a "very positive sign" for India, not least because the country has been considering a ban on digital assets for several years. He said it was unlikely that the government would unveil a tax regime for crypto if it wanted to ban it.
"With the taxation, what they see is sort of a legitimacy — a confidence booster for them to enter the crypto ecosystem now, be it individuals or corporations. They're now much more confident that they can invest in crypto in India, because the government has clarified that you can pay taxes on your crypto earnings.
WazirX is now expecting a surge in demand — and when asked whether Bitcoin's volatility could hurt consumers on lower incomes, he said: "The best thing about that is I don't think there's anyone left anymore who doesn't know about that … People may not be trading in crypto, but the one thing they know is that crypto is highly volatile and prices can fall by 10%, 15% in a day."
Looking forward, Shetty wants India to focus on educating young consumers about cryptocurrencies and blockchain technology — and he expressed confidence that digital assets will soon be used by more than one billion people around the world.
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