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MUMBAI, Dec. 1 (Reuters) – Crypto assets deserve to be considered and can be used to increase financial inclusion, Nandan Nilekani, president of software services exporter Infosys (INFY.NS), said on Wednesday, at the next Reuters conference.
“There is a role for crypto as an asset, but they will obviously have to follow all the laws and make sure it doesn’t become a backdoor for money laundering … they have to use it. [as] an entry point to attract a lot of young people to the financial markets, ”said Nilekani, who co-founded Infosys, India’s second largest IT company in 1981.
Crypto is not suitable for transactions due to its high transaction costs and volatility, added Nilekani, a well-networked technocrat who also played a key role in the creation of India’s biometric database of 1 , 3 billion people.
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Nilekani’s comments come at a time when the Indian federal government is considering discouraging cryptocurrency trading by imposing large capital gains and is also seeking to classify crypto as an asset class, Reuters reported last month. Read more
New Delhi has said it will only allow certain cryptocurrencies to promote the underlying technology and its uses.
“If we have a very well regulated, legal and lawful crypto market, not as a currency but as assets, and many young people are building innovative applications around it, these young people could create a wave of ‘global companies,’ Nilekani said.
India has 15-20 million crypto investors, according to industry estimates, with total crypto holdings of around 400 billion Indian rupees ($ 5.35 billion).
In his first public comments on the matter, Indian Prime Minister Narendra Modi said in November that all democratic nations must work together to ensure that cryptocurrency “does not end up in the wrong hands, which can spoil our youth. “. Read more
India’s central bank digital currency could see its pilot launch in the first quarter of next fiscal year.
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($ 1 = 74.8310 Indian rupees)
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Reporting by Una Galani and Sankalp Phartyal. Editing by Jane Merriman and Nick Zieminski
Our Standards: Thomson Reuters Trust Principles.
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