Sri Shivananda, the CTO of PayPal believes that cryptocurrencies still have a long way to go in terms of mass adoption. While talking about India’s recent overturn of the crypto ban, he said that most consumers view crypto as assets instead of applicable currencies for actual payments.
“Crypto has become more of an asset play than a currency.”
During the Economic Times Global Business Summit, PayPal CTO Sri Shivananda said that what has happened with crypto in many cases is that it has become a little more of an asset play than a currency. He also outlined that the digitization currencies is only a matter of time with the constant growth of the internet. He further stated that when all participants, including consumers, merchants, regulators, and fintech companies, understand the benefits and the need, then digital assets will play a vital role.
Regulations are important for mass adoption of crypto
Regulations all around the world will play an important role in the mass adoption of cryptocurrencies. The last week alone brought in some major positive regulations around cryptocurrencies. The Supreme Court of India overturned the RBI’s banking ban on crypto, which opens up the crypto market to the world’s second most populated country. South also passed a crypto law in the parliament, making crypto trading legal in the country, and a court in France recognized bitcoin as a legitimate form of currency.