August 12, 2022

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

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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.

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 capitalTitle: Amid ban rumors, billionaire Nandan Nilekani says crypto can help Indians
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Published Date: Tue, 23 Mar 2021 07:58:56 +0000