Shubham is Paxful’s South Asia ambassador, blending his love of finance and economics and deep understanding of marketing and community, with hard-earned personal knowledge of both his region and the globe, Shubham shares his insights covering Asia for Paxful. When he’s not crunching numbers or visiting hidden gems in his region, he loves hitting the basketball court or jamming out to the latest pop tunes. Meet Shubham in Paxful’s Discord community now!
Tell us how your crypto journey began, and where it stands today. How are you involved today in the cryptocurrency ecosystem in your region?
The crypto bug bit me back in 2017. A self-taught enthusiast, I spent hours devouring information online, particularly fascinated by the revolutionary potential of blockchain technology. While the technical aspects were initially over my head, the sheer curiosity wouldn’t leave me alone. It was also a booming year for crypto, and that’s where my journey truly began.
Bitcoin, in particular, captured my imagination with its use cases as a powerful tool beyond just trading. This fascination led me to a life-changing opportunity in 2020: working with Paxful. Here, I wasn’t just reading about crypto: I was witnessing its real-world impact firsthand, helping individuals solve problems and navigate a new financial landscape. My perspective shifted dramatically – Bitcoin wasn’t just a store of value; it was empowering businesses, facilitating payments, and transforming lives.
It was also incredibly inspiring to witness the dedication of those spreading financial literacy through meetups, books, and even YouTube videos, especially in my home country. In 2020, Asia saw a surge in crypto adoption, with many individuals turning to crypto as an alternative investment option due to factors like the global pandemic and economic uncertainty.
These local efforts to educate and empower others solidified my belief in the transformative potential of crypto, not just on a global scale, but specifically in our regional context, and fueled my own passion to be part of this exciting journey.
How has your perspective on digital assets changed since first learning about cryptocurrencies? What role do cryptocurrencies play in your life today?
Today, cryptocurrencies occupy a significant space in my life. They continue to fuel my passion for exploring the evolving landscape of digital finance and its potential to reshape the global economic ecosystem.
I’m actively involved in promoting responsible crypto adoption and fostering a deeper understanding of this emerging technology. It’s not just about the financial potential, but about contributing to a future where digital assets empower individuals and bridge the gaps in the traditional financial system.
How did you first encounter peer-to-peer trading? What drew you to Paxful, specifically?
Through my work at Paxful, I saw how P2P trading empowers individuals, particularly those in regions with limited access to traditional financial services.
It provided them with greater control over their finances and opened doors to new economic opportunities. This firsthand experience not only deepened my understanding of P2P trading but also solidified my belief in its potential to create a more inclusive and accessible financial system.
Frontline Report: Get to Know Cryptocurrency Use in South Asia
As a whole, South Asia presents a fascinating case study when it comes to the intersection of economic challenges, financial limitations, and the potential of cryptocurrencies. Here’s a breakdown of the problems and how crypto is playing a role:
Economic and Financial Challenges:
- Limited Financial Inclusion: A significant portion of the population remains unbanked or underbanked, lacking access to traditional financial services like loans, investments, and secure money transfers.
- High Remittance Costs: Sending money back home can be expensive for overseas workers due to high fees charged by traditional money transfer services.
- Inflation and Currency Fluctuations: Various regional currencies have proven susceptible to inflation and fiscal controls, making it challenging for people to preserve the value of their savings.
Cryptocurrency’s Potential Impact:
- Financial Inclusion: Cryptocurrencies offer an alternative path to financial inclusion. Platforms like Paxful allow individuals to open digital wallets and participate in the financial system without relying on traditional banks.
- Lower Remittance Costs: Crypto transactions can be faster and cheaper compared to traditional remittance services, allowing overseas workers to send money back home more efficiently.
- Hedge Against Inflation: Some believe cryptocurrencies like Bitcoin can act as a hedge against inflation due to their limited supply.
What is the broad opinion of cryptocurrencies in your region, at the national level? And at the grassroots retail user level?
Let’s break broad opinions on cryptocurrencies in South Asia between the national and local, or grassroots, levels:
At a national level:
- Government: My government’s stance on cryptocurrencies has been cautious, leaning towards regulation rather than outright prohibition. While a complete ban was once proposed by our national bank, the current focus seems to be on creating a framework for taxation and monitoring.
- Financial Institutions: There’s a mix of opinions within the financial sector. Some institutions are wary of the risks associated with cryptocurrencies, while others are exploring potential applications of blockchain technology, the underlying technology of crypto.
At a grassroots, retail user level:
- Growing Interest: We’re seeing a significant rise in interest from our young population with a high tech adoption rate. This has led to a growing interest in cryptocurrencies at the grassroots level, particularly among millennials and Gen Z. Many view crypto as an alternative investment option, especially with the recent economic uncertainties.
- Limited Awareness: Despite the growing interest, there’s still a lack of widespread awareness and financial literacy around cryptocurrencies. This can make individuals vulnerable to scams and risky investment decisions.
Overall, the national opinion on cryptocurrencies across South Asia is evolving, in some areas faster than others. While the government remains cautious, there’s a growing interest at the retail user level. However, addressing the knowledge gap through financial literacy initiatives is crucial for responsible adoption.
How are cryptocurrency users in your region utilizing cryptocurrencies?
- Investment: A popular choice for some, especially for diversification.
- Remittances: Faster and potentially cheaper than traditional methods for overseas workers sending money home.
- Store of value: Debated, but some see cryptos as a hedge against inflation.
- Cross-border payments: Faster and cheaper transactions for international trade, eliminating traditional fees.
How do you see cryptocurrency usage changing with time in your region?
- Clearer regulations: As regulations become clearer, it could provide a framework for safe and responsible crypto adoption, potentially attracting more users and businesses.
- Financial Literacy Programs: Increased awareness through educational initiatives can empower users to make informed decisions and avoid scams, leading to more responsible and confident participation.
- Entry of major players: If major financial institutions start offering crypto-related services, it could lend credibility and legitimacy to the space, attracting a broader range of investors and users.
- Innovation: As new and innovative use cases for cryptocurrencies emerge, like real estate applications and micro-payments, it could drive user adoption and integration into various sectors of the economy.
