Cryptocurrency will remain in the market but will not be able to replace traditional currency: Paytm Founder

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While addressing an event ‘online’ of the industry body Indian Chamber of Commerce (ICC), Sharma said that cryptocurrency is actually a currency based on cryptography, a study of secure communication technologies.

Kolkata :

Financial technology company Paytm founder Vijay Shekhar Sharma said on Thursday that despite all the objections being raised about cryptocurrency, this virtual currency is going to remain. While addressing an event ‘online’ of the industry body Indian Chamber of Commerce (ICC), Sharma said that cryptocurrency is actually a currency based on cryptography, a study of secure communication technologies. “Crypto is an answer from Silicon Valley to Wall Street. I’m very positive about it. In a few years, it will be a mainstream technology like the Internet that has become a part of our everyday lives,” he said.

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Preparations are underway to bring a bill in India for the regulation of cryptocurrency. Earlier, the Reserve Bank of India has also expressed deep apprehension about its misuse. In this context, Paytm founder said that there is confusion about this digital currency at this time. “Every government is skeptical about it. But in the next five years it will become a mainstream technology,” he said. However, he said that cryptocurrencies will not be able to replace traditional currency.

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(This news has not been edited by Granthshala team. It has been published directly from Syndicate feed.)

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