Paytm founder and CEO Vijay Shekhar Sharma has said the digital payments platform will venture into cryptocurrency when it's made legal in India. He also expressed confidence that the underlying technology of cryptocurrency will become mainstream in a few years.
“Will you be venturing into crypto? The answer is 100 percent. We would be 100%
Sharma, positive about crypto, said 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.
Paytm founder’s remarks come at a time when the government is set to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in Parliament’s winter session, which begins on November 29.
Sharma also urged the Centre to “officially take a stand” on cryptocurrency as that would clear up all confusion. “At present, every government is confused. In five years, it will be the mainstream technology,” he added.
According to the Lok Sabha website, the cryptocurrency bill will be introduced "to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”.
Commenting on Paytm’s subdued listing in the secondary market last week, Sharma said, “Nobody would have been happy with this IPO performance. First of all, I am not happy … I am not happy with the Day 1 performance. But we will win the whole series, that I can tell you... We Indians are more critical of ourselves than outsiders. International investors have far better expectations of us and far better-encouraging words for us than we Indians ourselves would have.”
He also revealed that the long-term plan is to take Paytm to overseas markets. “I wish that we as Paytm Payments Bank can become a small finance bank because then we can solve a lot of payment problems,” he said.
(Edited by : Kanishka Sarkar)