Amid ban rumors, billionaire Nandan Nilekani says crypto can help Indians

Amid ban rumors, billionaire Nandan Nilekani says crypto can help Indians

Prominent Indian entrepreneur and government advisor Nandan Nilekani has spoken in favor of cryptocurrencies as the government reportedly mulls a ban on private digital assets. 

Nilekani joined a Clubhouse session with angel investor Balaji Srinivasan to discuss the state of crypto in India, local business news publication Moneycontrol reported Monday. Nilekani is a co-founder of major Indian tech company Infosys and the founding architect of the national biometric ID system, Aadhaar. He is also the chairman of a special Indian committee assessing digital payments in India and an advisor to several government agencies and the Reserve Bank of India.

Our top trading bots

During the session, Nilekani stood up for the freedom to use cryptocurrencies like Bitcoin (BTC) in the country, arguing that Indians should be allowed to have crypto as an asset class. The billionaire entrepreneur reportedly noted crypto's use as a store of value, outlining its promising potential:

“We should think of crypto as an asset class and allow people to have some crypto. Crypto as a transaction medium will not work as fast as UPI, which is targeting a billion transactions a day. But crypto has enormous capital.”

Nilekani said that Indian regulators need to help the country’s micro, small and medium enterprises access capital through crypto.

Regarding stablecoins and the digital rupee, he said, “I am not sure we need a private stable coin or if a digital rupee will be good enough. We need to look at how it will help Indians, how MSMEs can access capital using bitcoins. No amount of tech is going to sway anyone’s view.” 

Nilekani’s remarks come amid increasing uncertainty and doubt in India regarding the legal status of crypto. Anonymous sources reportedly representing Indian government officials have been disseminating reports on an upcoming crypto ban since early 2021.

However, Indian Minister of Finance Nirmala Sitharaman has claimed multiple times that the ministry does not plan to prohibit Indians from using Bitcoin. 

Continue reading on Cointelegraph
The great tech exodus: The Ethereum blockchain is the new San Francisco
Remember the “Silicon Valley Tech Bubble”? In the early- to mid-2000s, the San Francisco Bay Area gave birth to some of the most storied and successful...
Governing body of Louisiana gives Bitcoin its nod of approval
Bitcoin has gained increasing levels of adoption over the past several months amid its rise past $60,000. The government of the U.S. state of Louisiana...
Turkish crypto exchange halts trading amid reports of police raid
Major Turkish cryptocurrency exchange Thodex has abruptly halted trading and withdrawals amid reports of police raids, Cointelegraph Turkey reported on...
Litecoin Falls 10% In Rout
Investing.com - Litecoin was trading at $289.445 by 20:29 (00:29 GMT) on the Investing.com Index on Sunday, down 10.16% on the day. It was the largest one-day...
XRP Falls 11% In Rout
Investing.com - XRP was trading at $1.50223 by 07:18 (11:18 GMT) on the Investing.com Index on Friday, down 11.48% on the day. It was the largest one-day...
XRP Climbs 20% As Investors Gain Confidence
Investing.com - XRP was trading at $1.38112 by 03:27 (07:27 GMT) on the Investing.com Index on Sunday, up 19.98% on the day. It was the largest one-day...
Robinhood’s crypto business explodes in the first quarter despite GameStop controversy
Robinhood, a popular trading app targeting millennials and other inexperienced investors, has become a major hub for cryptocurrencies, offering further...
Ethereum Becomes Second Most Valuable Crypto Again
Ethereum has finally recovered and reclaimed its title of the second most valuable cyber-asset in the world after its elder brother bitcoin. Gaining the...
Here’s When Ethereum’s Constantinople Hard Fork Will Happen
Constantinople hard fork will occur in the middle of January, a new agreement between Ethereum developers implies. Earlier it became known that the fork...
Akon to Launch AKoin and Establish a Crypto-City in Senegal
The world of showbiz is persistently trying to invade the world of cryptocurrencies. Celebrities keep prying into the industry, e.g., rapper Snoop Dogg...
From Citizenship to Data: Trump’s Former Aide Says Cryptos Will Make People Freer
The instigator of right-wing populist groups as well as the former adviser to the current US President Donald Trump – Steve Bannon – has claimed that cyber...
Uzbekistan to Legalize Bitcoin, Open a Blockchain Center
Uzbekistan appears to be among the latest countries that have stepped on a path of cyber money regulation. According to local media reports, a relevant...
Hot US Senate Hearings: ‘If No Bitcoin, No Blockchain,’ Says CFTC Chairman
The US is likely to meet new virtual money regulation in the foreseeable future. Such a conclusion comes out of the CCN, at the yesterday’s hearing,...
How Governments Treat ICO: 5 Common Positions
What authorities in different countries think about the boom of initial placements of tokens. At different times governments around the world haunted...
How to Invest in Altcoins? Three Most Profitable Strategies
The modern e-market has a large number of altcoins. Only in six months there was created 500 cryptocurrencies. But in the conditions of severe competition,...