India's last standing cryptocurrency exchange-WazirX's Nischal Shetty [INTERVIEW]

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Nischal Shetty, founder of WazirX, shares his story building the only crypto exchange left standing in a country hostile to cryptocurrency.

"We love challenges, and decided to build WazirX-a cryptocurrency exchange for India which offers world-class UX, transparency and trust. WazirX is available on Web, Android, iOS in India and around the world."

"Nischal: The news of Koinex and Zebpay shutting down was unfortunate for the Indian cryptocurrency ecosystem. But when you look at the bigger picture, you'll see that crypto is here to stay forever."

"Regulatory uncertainties require exchanges to adapt accordingly and I'm proud that we did exactly that at WazirX. When the banking ban came into effect we were the first exchange to launch an innovative P2P solution. This gave us a huge boost and helped us quickly become India's largest and most trusted crypto exchange."

"Nischal: I strongly believe that the recent report by the inter-ministerial committee is fundamentally flawed and doesn't understand crypto principles. Blockchain is a nascent technology, and Indian government should involve the crypto industry of India in understanding it, and follow the lead of developed nations like Japan, and the U.S. Banning is not a solution."

India isn't comfortable with crypto being used as a currency and that's understandable.

Not realising the fact that maximum crypto activity in India is in the domain of asset and utility is a grave error that the IMC report has made.

How is WazirX operating without banking support? Is it purely P2P? "Nischal: Shortly after the Indian central bank imposed a banking ban on cryptocurrency exchanges in India, we innovated and launched WazirX P2P. It's the world's first auto-matching P2P engine, and has been a gamechanger in the Indian cryptocurrency ecosystem! WazirX P2P is the cheapest, fastest and simplest way to buy/sell crypto using Indian Rupees in India. We're seeing several P2P trades happening every minute, and rapid growth in our P2P volume every month."

"Due to its unique nature, WazirX P2P is the best solution to the fiat to crypto conversion problem around the world. We have also launched P2P in new countries like Indonesia, Russia, Ukraine, Nigeria, Italy, Turkey, and Saudi Arabia. We'll take P2P to more countries soon."

"Earlier in September, the Steering Committee on Fintech-Related Issues submitted its final report to the Indian Finance Minister. The report is well-researched, and talks about crypto use cases, smart contracts, ICOs. This is definitely a positive step towards crypto by India."