Indian tech mogul Nandan Nilekani believes the country should seek to attract investment from the $1.7 trillion crypto asset industry.
Indian tech mogul Nandan Nilekani has called on local lawmakers to allow citizens to speculate in crypto assets.
The co-founder and chairman of Infosys, an Indian multinational information technology company, has urged regulators to “embrace” digital assets and deal with the technology. this.
Speaking to the Financial Times, Mr. Nilekani warned that the ban could lead to a significant missed opportunity for India, asserting that a more permissive approach would allow the country to enter the market. $1.7 trillion digital asset market and allows cryptocurrencies to bring assets from elsewhere into India to help grow the economy.
However, Nilekani is not optimistic about an unregulated crypto market in India, asserting that cryptocurrencies are too volatile and energy-intensive to use as a means of payment. Instead, he believes that the Reserve Bank of India’s Unified Payments Interface infrastructure provides a superior infrastructure for real-time payments.
Instead, the tech mogul advises allowing Indians access to crypto assets for speculation and as a store of value:
“Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto. I think cryptocurrency acts as a store of value but certainly not in a transactional sense.”
Mr. Nandan Nilekani has long worked alongside Indian authorities to help shape policies on digital technologies, including the Aadhaar biometric identification program that was launched in 2009. In May In December 2016, he joined a committee to investigate how people in India can use digital payments to a greater extent and in 2019 he chaired a central bank committee on payments. digital math.
Given India’s huge tech sector and unbanked population, the country could be a global hub for crypto-asset adoption, but the regulatory situation is still unclear for the trustees. Conflict signals come from policymakers and central bankers.
On May 19, Cointelegraph reported that building a new executive board dedicated to digital assets could pave the way for more clarity.
The official Cryptocurrency Bill and the Regulation of Digital Currency Bill 2021 were expected to be introduced before parliament in March but it was postponed for reasons of not being widely publicized.
The RBI banned all banks from allowing customers to trade crypto assets in 2018, however, this was overturned by the Supreme Court in February 2020 leading to new hopes.
However, much of the industry is still operating in a gray zone despite strong momentum on crypto exchanges and sustained retail demand in recent months.
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