24 June 2021
Amid the growing popularity of cryptocurrency, Nandan Nilekani- the co-founder and chair of Infosys, believes that the citizens should be seeking to attract investment from the $1.7 trillion crypto-asset industry.
Reportedly, the Indian tech mogul has urged the local lawmakers to give authorization to citizens to speculate on cryptocurrency assets. Nilekani has also urged lawmakers to embrace digital assets and get a handle on accommodating the technology.
However, while communicating to the Financial Times, Nilekani informed that prohibitive regulations could result in significant missed opportunities for India, stressing that a more permissive approach would let the country tap into the $1.7 trillion digital asset market and allow “crypto guys to put their wealth into India’s economy.”
Additionally, the tech mogul asserted, “Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto. I think there’s a role for crypto as a stored value but certainly not in a transactional sense.”
Although Nilekani is not bullish on an unrestrained crypto market for India, he believes the Reserve Bank of India’s (RBI) unified payment interface infrastructure offers a superior infrastructure for real-time payments.
Moreover, Nandan Nilekani has long worked alongside Indian authorities to help formulate policies on digital technologies, including the Aadhaar biometric identity program launched in 2009. Nilekani was also a part of a committee to investigate how people in India could use digital payments remarkably.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.