In a nation known for its stringent stance against digital assets, Nischal Shetty, the founder of WazirX, has steered one of India's last major cryptocurrency exchanges through turbulent regulatory storms. His secret weapon? A groundbreaking peer-to-peer (P2P) engine that巧妙地规避了席卷全国并导致竞争对手倒闭的银行禁令。
![Nischal Shetty, founder of WazirX, one of India's leading crypto exchanges [INTERVIEW]](/upload/content/202511/20251108075943_c0b0c664.jpg "Nischal Shetty, founder of WazirX, one of India's leading crypto exchanges [INTERVIEW]")
“I’ve been a strong advocate for blockchain technology for several years, but it wasn’t until 2017 that I fully immersed myself in the crypto rabbit hole. When I tried using existing cryptocurrency exchanges in India, my experience was deeply disappointing. I felt that the platforms lacked a great user experience (UX) and intuitive design. Having previously built Crowdfire—a social media tool with 20 million users—our team had a solid understanding of what it takes to develop and scale a global tech product from India.”
“We love a good challenge, so we decided to build WazirX—a cryptocurrency exchange designed for India that would offer world-class UX, security, and trust. WazirX is now accessible on Web, Android, and iOS for users across India and the globe.”
“The news of Koinex and Zebpay shutting down was a dark day for the Indian cryptocurrency ecosystem. However, when you look at the bigger picture, it’s clear that crypto is here to stay. It represents the next major technological evolution after the internet. Regulatory uncertainties force exchanges to adapt, and I’m proud that we did exactly that at WazirX. When the banking ban was imposed, we were the first to launch an auto-matching P2P solution. This innovation gave us a significant advantage and helped us rapidly become India's largest and most trusted crypto exchange.”
“Every company has its own life cycle and its own set of reasons for continuing or ceasing operations. At WazirX, we are fighting tirelessly for clear cryptocurrency regulations in India. I’ve been running a Twitter campaign called #IndiaWantsCrypto for over 320 days now. Many people have joined this movement, and it has gained the attention of journalists and influencers globally. We are continuously innovating and launching features to help onboard the next million users into the world of cryptocurrency. Our crypto-to-crypto trading is already available worldwide. We've also successfully launched our unique P2P system in eight new countries.”
“I strongly believe that the draft report by the inter-ministerial committee (IMC) is fundamentally flawed and fails to grasp the core principles of cryptocurrency. Blockchain is a nascent technology, and the Indian government should focus on nurturing the country's crypto industry, studying the lead of developed nations like Japan and the U.S. Banning it is not a solution. Here are some key issues with the report: The committee was composed largely of non-technologists, and no industry experts were consulted during the process. The report highlights crypto's potential use for illicit activities but ignores its other use cases like being a store of value, ensuring transparency, and its utility. While India is understandably concerned about misuse, failing to recognize that the primary use case of crypto in India is for investment and utility is a critical error made by the IMC. They talk about promoting Distributed Ledger Technology (DLT) but want to ban crypto. That’s like saying we want the internet but no websites. I've even written a detailed blog post explaining the problems with their recommendations.”
“Immediately after the Indian central bank imposed a banking ban on crypto exchanges, we innovated and launched the WazirX P2P platform. It's the world's first auto-matching P2P engine, and it has been a game-changer for the Indian crypto ecosystem! WazirX P2P is the cheapest, fastest, and simplest way to buy or sell crypto using Indian Rupees. We're seeing thousands of P2P trades happening every day, with rapid growth in our P2P volume each month. Due to its unique nature, WazirX P2P is the ideal solution for fiat-to-crypto conversion problems globally. We have also launched P2P in several new countries like Turkey, Australia, Vietnam, Nigeria, Italy, Poland, and Saudi Arabia, with more to come soon.”
“The 'crypto ban' recommendation has brought us to a crucial juncture for the crypto industry in India. The entire community, including exchanges, lawyers, traders, and influencers, has united to ensure this misguided proposal is not accepted by the government. I'm optimistic that the government will listen to our concerns and choose to regulate, not ban, cryptocurrency in India. In early September, the Standing Committee on Finance-Related Issues submitted its draft report to the Indian Finance Minister. This report is well-researched and discusses crypto use cases, smart contracts, and ICOs. This is a definite positive step towards crypto acceptance in India. Furthermore, last week, Rajeev Chandrashekhar, a prominent tech leader and Member of Parliament, granted us a meeting. He has offered to support and guide us towards positive regulations.”
“I would say that blockchain and cryptocurrency are transformative technologies. This innovation has led to various use cases, both good and bad. While the joint action by the Indian central bank restricted banking access, I am confident that as a community, we will be able to persuade our government to regulate, not ban, such revolutionary technologies. We need support and solidarity from everyone around the world. You can use the hashtag #IndiaWantsCrypto to voice your support for positive crypto regulations in India.”
Editor's Note (Sept. 22, 2019, 20:00 UTC): WazirX isn't the only cryptocurrency exchange based in India. Other major exchanges like Bitbns and Coindcx also operate, largely by leveraging peer-to-peer (P2P) trading mechanisms.
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