Cryptocurrency here to stay - Silicon Valley's answer to Wall Street: Paytm chief

On cryptocurrency, Paytm chief Vijay Shekhar Sharma said it is Silicon Valley's answer to Wall Street.

“I am very positive about crypto,” says Paytm chief Vijay Shekhar Sharma.  (Bloomberg)

Fintech firm Paytm founder Vijay Shekhar Sharma on Thursday said cryptocurrency is here to stay and it is fundamentally based on cryptography, the study of secure communications techniques. Speaking at an interactive session organised by ICC virtually, Sharma said crypto are Silicon Valley's answer to Wall Street.

"I am very positive about crypto. 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," he said. Currently, there are no particular regulations or any ban on use of cryptocurrencies in the country. Prime Minister Narendra Modi last week held a meeting on the cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.

Sharma said it is being used in a speculative manner now. "Every government is confused. In five years, it will be the mainstream technology".

People will realise how the world was like without crypto, he claimed but added that it will not be a replacement of the sovereign currency.

Sharma also said once Paytm's revenue crosses USD one billion, it will be taken to the developed countries.

"Now Paytm in a JV with a Japanese entity is running Japan's largest payments system. Later we will go without a partner," he said.

Paytm, which went public this month, is driving financial inclusion among the Indians who do not have access to formal finance, he said.

"Paytm will reach financial services at low cost to all. Going public will help a lot as it will give access to capital and talent," he stated.

Sharma claimed international investors have a better understanding of Indian entities than Indian investors.