Sitharaman's comment on cryptocurrency is a positive sign: Wazir-X's Nischal Shetty

Nischal Shetty, founder and CEO of Wazir-X, on Monday said Finance Minister Niramala Sitharaman's comment that India is looking at crypto is a very positive sign for the industry overall because until now.

"There was not enough clarity on what exactly some of the statements meant that were being circulated around and now we have more clarity,” he said.

There are multiple classifications of cryptocurrency and Central Bank Digital Currency (CBDC) comes under currency, he said.

“Traditional systems already have people with years of experience into them whereas the crypto ecosystem is new, so it is like a level-playing field for the young generation and they find this to be a very good way to build a career out of it."

"We have over 10 million people in India. You can see the size of the market, it is a very young population of the country which is going towards this as a way for them to learn because it is very exciting. 22-28 years old ones are the largest audience in this sector,” Shetty said.

“In the last few months, India has seen tremendous growth in this sector. The demand of bitcoin in India is way higher than the amount of supply that is available in the market,” he mentioned.