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WazirX CEO Makes Big Claim : There is panic selling, lawmakers don’t want a crypto that competes with rupee

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In an interview with Republic Media, Shetty speculated that those cryptocurrencies that are categorised as assets and utilities might be immune to the ban.

Nischal Shetty, founder and CEO of WazirX told BusinessToday.In that the WazirX app was restored after the crash, caused by heavy user activity after the government’s proposed regulation became public.

WazirX CEO Makes Big Claim
WazirX CEO Makes Big Claim

The government’s proposal to ban private cryptocurrencies in India with certain exceptions led to massive amounts of panic selling on Tuesday night leading to the crash of India’s biggest crypto exchange, WazirX. Nischal Shetty, founder and CEO of WazirX told BusinessToday.In that the WazirX app was restored after the crash, caused by heavy user activity after the government’s proposed regulation became public.

In a recent conversation with YourStory’s Daily Dispatch, Nischal Shetty, Founder, WazirX, shared that there has been a boom in the crypto market and the COVID-19 pandemic has been the biggest trigger for the market to take off people took to the online world in swarms.

“We saw a lot of people in India and globally getting into educating themselves around crypto,” he said. Upon understanding the concept, people want to get some exposure, which contributed to the surge in the numbers.

WazirX CEO Makes Big Claim
WazirX CEO Makes Big Claim

According to BusinessToday reports, prices on WazirX for Bitcoin (BTC) dropped by 17.17 percent to touch Rs 37,78,000. Moreover, the digital token Ethereum’s value declined by 14.1 percent to Rs 2,87,773. Similarly, Dogecoin was also down by 17.21 percent to Rs 14,9000; however, WazirX’s own token WRX value further declined by 22 percent to Rs 78.

The crypto exchange platform advised users to not sell their assets in panic mode, adding that differences in exchange rates and countries will always be in place due to demand and supply factors.

Earlier, in a statement shared with India Today Tech, Shetty said that the description of the draft bill appears to be the same as in January 2021 and several developments have taken place over the last 12 months that suggest that India may not ban cryptocurrencies. However, he said that investors should respectfully wait to find out more about the draft bill to be tabled in Parliament.

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