As cryptocurrencies continue to gain popularity, regulators in India remain deafeningly mute, despite the support from prominent Indian entrepreneurs. Nandan Nilekani, the founder of Infosys, is the latest to advocate for the regulation of cryptocurrencies in India, claiming that the emerging asset class can help the Indian economy.
In an interview, Nilekani urged Indians to accept cryptocurrency as an asset that can be bought and sold. He stated that cryptocurrency, like gold or real estate, may be used as an asset. However, he stated that it cannot be employed in a transactional context.
Nilekani presents a rounded opinion on cryptocurrency, which includes the coexistence of UPI (Unified Payments Interface) and Cryptocurrency. He believes that the homegrown payments solution is significantly more effective because it is less volatile and consumes less energy.
Nilekani continued that if individuals and corporations enter the $1.5 trillion cryptocurrency market, it will enable crypto investors to invest in India’s economy. However, restrictions apply in India, as the country’s position on cryptocurrencies remains unclear. While the government deliberates on laws, the backing of an expert instills significant trust in potential investors.
The Supreme Court of India annulled a 2018 central bank rule cracking down on cryptocurrency last year. In addition, some banks in India had recently warned users who were engaged in cryptocurrency trading. However, the Reserve Bank of India, on the other hand, recently stated that banks cannot prevent customers from investing in bitcoin.
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