Many influencers in the cryptocurrency industry believe that these assets have the potential to deliver payment facilities to people who are underbanked. India, being the second-most populous country in the world, has many remote areas that banks fail to reach. However, Binance-acquired WazirX’s Founder, Nischal Shetty, believes that crypto has the power to circumvent what physical banks couldn’t.
Appearing on Anthony Pompliano’s Off the Chain podcast, Shetty elaborated on the impact of crypto in India. “Crypto can reach where the Internet can reach,” Shetty said, while pointing out the difficulty of Indians to access capital. The Internet has had a significant impact on the world. Information has no geographic boundaries, he stated; even if people stay in the remotest village of India, they can access the same kind of information that someone in the United States has access to.
However, it’s not the same with regard to capital as Indians would have to pay a 10-15 percent rate of interest for capital, while citizens of the USA or Japan pay very little for the same capital.
Shetty further speculated that capital costs could come down considerably for most countries, including India, if crypto becomes a global financial system. Shetty said that he believes the interest rate could drop to a low of 2-3 percent, as opposed to the present excessive costs. He added,
“And that can bring about a massive transformation in the lives of a lot of people in this country. I think that’s where I’m the most excited about the access to capital without geographic boundaries. I think crypto can make that happen for sure.”
Additionally, Shetty spoke about the latest acquisition deal with Binance and elaborated on why the Changpeng Zhao-led exchange is a good partner for the Indian platform. According to Shetty, Binance could execute his vision of instigating faster adoption of crypto in India. Binance’s speed of execution is the most attractive thing about the platform, he said, adding that contrary to how companies usually grow, the CZ-led exchange’s speed of execution has increased.
Shetty stated,
“Speed is what we need in the crypto ecosystem today.We need to go faster than what we are doing right now to be able to get such a massive user base in India, the number of people in India, if you want to get to all of them, you need rapid pace.”
