With many central banks around the world trying to crack down on the cryptocurrency market, who will blink first? Will the banks finally give in and allow reasonable regulation of cryptocurrency assets, or will they succeed in stamping out a lot of this entrepreneurial activity that happens away from traditional national economies (or, not denominated in national fiat currencies)?
One top executive thinks that will soon see cryptocurrency coming to its rightful place at the table.
In a report today at Cointelegraph, Arjit Sarkar goes over some remarks by Nischal Shetty, CEO of WazirX, on how he feels crypto is gathering critical mass globally.
“Speaking to Cointelegraph, Shetty said that the year 2022 would be an extension of the ongoing discussions around crypto regulations, exchange-traded funds (ETF) and the emergence of the metaverse,” Sarkar writes, noting that Shetty expects “regulatory clarity and institutional participation” in the years to come.
Although some national central banks have introduced cryptocurrency bans and other kinds of draconian crackdowns, crypto and decentralized finance have still advanced around the world. For instance, Shetty mentions that crypto employs 50,000 people in India.
Cryptocurrency is also a multibillion dollar industry. Then add NFTs and the celebrity power behind them, the decentralized finance lending industry, online gaming and more. What you have is a growing complex, widespread and sophisticated market that suggests cryptocurrency is an invention for the times.
If Shetty is correct, banks and legislators will have to fall in line, make some serious headway in evaluating how cryptocurrencies can be used in their economies, and introduce legislation to that effect.
Meanwhile, as of press time this morning, Bitcoin rests around $47,800 and Ethereum weighs in around $3,700: not all-time highs, but not wallowing lows, either. Keep an eye on the crypto scoreboard as we head into a brand new year.