Navigating any conversation about disruptive technology may be impossible without addressing the elephant in the room – cryptocurrency. While many see it as a utopian solution to modern finance, others hold firm in their dismissal. In the divide, cryptocurrency news is also partly responsible for these contrasting opinions from global business leadership personalities. On the one end, there’s tech magnate and global leader Elon Musk, expressing his views on cryptocurrency, influencing prices and market shifts with as little as a tweet. On the other, this level of volatility repels others from the innovative module of modern finance.
Either way, the opinions, be it from a global business leader or successful entrepreneurs, shed insight into modern technology’s true scope and unpredictability. Moreover, it speaks of its ability to revolutionize financial sectors, especially since it gets the ball rolling on the all-important conversation of digital currency. For developing nations like India, cryptocurrency or a sovereign digital currency have immense potential for disruption, as does big tech. For a better idea of the bigger picture, here are insights from famous entrepreneurs in India on digital currency.
Don’t ban cryptos; monitor; regulate– Sanjiv Bajaj
For Sanjiv Bajaj, he is popular businessmen in India and Chairman & Managing Director of Bajaj Finserv, global trends are something we should shy away from. Cryptocurrency falls in that category, and while still unregulated, he believes that early experimentation with the technology must occur.
“It needs to be tested out in a project mode in a sandbox environment rather than banned outright. There are a lot of learnings that can come. There can be some harmful sides. That’s why you need to monitor and regulate. The world is going ahead with it. We cannot put our heads like an ostrich in the sand and believe that it’s not happening,” he says, suggesting that inaction isn’t something we should settle for.
There’s truth to these words, and the global business leader sees opportunity in the technology to better the financial ecosystem of tomorrow. Meanwhile, Sanjiv Bajaj has revealed plans to better cater to a digitalizing finance sector by introducing a payment gateway to empower consumers with a more seamless experience. Essentially, the goal is to simplify access to a wide range of products and services offered, including the automobile sector.
Lawful crypto market, not as currency but as assets, could create a wave of global companies – Nandan Nilekani
As per the reports in the cryptocurrency news, it isn’t surprising to think that most only see it as a currency. Its applications can go beyond, and Nandan Nilekani, former Chairman of Infosys, believes that it can have a huge hand in driving financial inclusion. “If we have a very well regulated and legal, lawful crypto market, not as currency but as assets, and a lot of young people build innovative applications around that, then these young people could create a wave of global companies,” he says, seeing potential in the futuristic technology.
It is certainly an interesting notion, especially considering that financial inclusion is among the priorities that many in the global business leadership space are focused on, both in India and the world over. Cryptocurrency could very well be the tool that works to that end, bringing many of the financially disconnected into the formal folds.
CBDCs is a more safe, viable option for India – Shatikanta Das
The cryptocurrency sector is one the regulator has chosen to treat with extreme caution. Hesitant to allow private currencies to establish a foothold, the regulator’s position is clear. Shaktikanta Das, RBI Governor, says, “The blockchain tech it is based on is 10 years old and that it can grow even without cryptocurrencies. When the central bank says we have serious concerns after due internal deliberations, there are far deeper issues involved,” establishing his stance on the cryptocurrency market.
Alternatively, he has expressed belief in the digital currency ecosystem, stating, “Central Bank Digital Currencies (CBDCs) is a more safe, viable option for India.” The RBI is slated to launch a digital currency in FY 22-23.
China forcing out innovation is to India’s benefit, and the country should now embrace this new technology – Kapil Rathi
With the People’s Bank of China imposing restrictions on cryptocurrency in China, many saw it as an opportunity for India. Kapil Rathi, Founder of CrossTower, is one of the famous entrepreneurs in India that believed the move could help India. “China forcing out such innovation and advancement is to India’s benefit, and the country should now embrace this new technology with open arms. Crypto can make India a global leader in this new technology.” In hindsight, these insights come across as progressive, especially since several other countries have adopted crypto-positive policies.
Crypto will be the mainstream technology in a few years like the internet which is (now) part of daily life – Vijay Shekhar Sharma
While many believe cryptocurrency to lead the charge that reinvents the financial wheel, realists predict it to have a revolutionary impact, but never to that extent. Vijay Shekhar Sharma, Founder of Paytm, says, “I am very positive about crypto. In five years, it will be the mainstream technology, but it will not be a replacement of the sovereign currency.”
While some famous entrepreneurs in India have polarising views on cryptocurrency, there’s no denying the need for a regulated market. Over 20 million Indians have already boarded the train, but those like Sundar Pichai, CEO of Google, have yet to add it to their investments or financial lexicon. Whether it is the views of a global business leader or a select few that sways markets or the adoption of CBDCs, digital currencies are certainly the future. The divide exists now, and it seems that with more clarity on their regulation and potential to disrupt, this will soon be a thing of the past.
