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August 9, 2022
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Nandan Nilekani: cryptocurrencies are safe haven –

Co-founder of Infosys, an IT company, Nandan Nilekani, praised cryptocurrencies. He found it a good means of storing value. He added that people should be able to own them as an asset class. His words fall as fear grows that the Indian government may enact laws banning cryptocurrencies.

Nandan Nilekani praises cryptocurrencies

Nandan Nilekani is one of India’s most prominent businessmen. He played a key role in building Indian digital technologies – UPI, GST and FASTag payment infrastructure.

We should think of cryptocurrencies as an asset class and allow people to own cryptocurrencies. Cryptocurrencies as a trading medium won’t run as fast as UPI, which targets a billion transactions a day. But cryptocurrencies are a huge capital – Nilekani said during a conversation with investor Balaji Srinivasan and Karthik Reddy of Blume Ventures during the Clubhouse debate organized by the Indian VC fund.

Nilekani, who continues to advise several government agencies and the Reserve Bank of India that advocates banning cryptocurrencies, said there was no question that his country’s citizens wanted digital currencies.

– Indian regulators are also considering issuing the digital currency of the central bank. I am not sure if we need private stablecoins or if the digital rupee will be good enough. We need to look at how this will help us, how we can access capital with Bitcoin – added.


India and cryptocurrencies

In India, many people still invest in cryptocurrencies. And this despite the potential ban that the government may introduce. There are also 350 startups in the country that use blockchain technology and cryptocurrencies. Indians also have a total of billions of dollars in Bitcoin in their wallets.

However, the fate of the BTC market is not certain. The country’s finance minister, Nirmala Sitharaman, recently said the government was still debating whether cryptocurrencies should remain legal. Apparently, he is to present his position in some time.

Previously, it was even suggested that possession of digital currencies would be punishable by prison.

At the same time, there were rumors that India would be working on a digital rupee.

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