Indian Economy Needs Crypto, Blockchain Ecosystem To Stay Ahead says CoinSwitch CEO Ashish Singhal
- ByStartupStory | April 19, 2022
The sudden rise of cryptocurrency and its underlying Blockchain technology has led to immense interest and curiosity in the new industry. Despite the popularity that cryptocurrency enjoys, investors are still skeptical about regulations and have doubts regarding the underlying asset that is helping power this sector.
CoinSwitch co-founder and CEO Ashish Singhal, during a recent media interview, stressed that crypto along with the entire blockchain ecosystem, are trying to create a new internet, which many may call as Web3, just like how Google and Microsoft helped create Web 1.
During his interview, Mr. Singhal said that India “definitely needs” crypto as the companies running this ecosystem will dominate the world for the coming 10-20 years. He further added that the crypto industry could also help solve some real problems or mitigate them.
The Coinswitch CEO noted that blockchain could help fast-track governance and delivery of services. With the help of blockchain, a government official can easily verify vehicle, property ownership, etc., by scanning the QR code on related documents.
RBI Governor Shaktikanta Das has recently made a statement about how these digital tokens were threatening financial stability. While referring to the Dutch tulip bulb market bubble in the 17th century, Das cautioned investors, saying cryptocurrency has “no underlying, not even a tulip.”
Mr. Singhal, however, said that the underlying value of crypto lies in the use cases. He also further pointed out that there could be no blockchain ecosystem without crypto since cryptocurrency is an incentive to the huge network of volunteers who have pulled resources and invested their time to verify each transaction on the network.
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