Smart Business Event on How MSMEs Can Profit From Crypto

Crypto, NFT and blockchain are all that everybody is talking about. But how can MSMEs make use and profit off of this new era of digital currency? To answer this question and several more, Business Standard had organised a panel discussion under the Smart Business event series with the World Trade Centre last Thursday on ‘The role of blockchain and digital currencies in strengthening MSMEs'.
At the event, Ashish Anand, founder of WHRRL, said “Crypto and blockchain will see a convergence of the real and crypto worlds with the help of solutions that are bridging the gap between these two worlds. Decentralised finance for the real world will be one such solution. This also has the potential to bridge the Rs. 30 lac Cr. credit gap that Indian MSME sector faces.”
Gaurav Somvanshi, CEO and Co-founder, EmerTech Innovations Pvt Ltd, said “Blockchain technology is trying to solve, to bring trust in our systems instead of inpiduals or organisations, has many wide-ranging effects that go beyond currency. It is leading to the advent of Web 3.0 where the creators will have control instead of the middlemen or aggregators. It is leading to a more decentralised world where the people can have a say over how things are governed and administered. And once a technology is out there, there is no going back."
Siddharth Sogani, MD, CREBACO Global, emphasised the immediate need for regulations to stop the brain drain of the industry players and professionals from the country. Siddhanth stated “The government cannot regulate decentralised cryptocurrencies, but it can regulate their use. WEB.3, non-fungible Token (NFTs) are for the first time giving ownership to the users, which can be the paradigm shift in the way we interact with the internet.”