Nandan Nilekani is the chairman and co-founder of a famous multinational technology firm, Infosys. Recently in an interview with Kryptographe.com, Nandan requested the local lawmakers to enable all citizens of the country to conjecture on crypto assets. He advised regulators to embrace digital assets and have access to accommodating everyone with the underlying technology. Nandan warned that regulations imposed on cryptocurrencies might result in missed opportunities for Indian citizens assuring the country to follow a permissive approach and get a $1.7 trillion market of digital assets. He even said that the crypto guys would put more wealth into the economy of India.
However, Nandan isn’t bullish on the unregulated cryptocurrency market for India and declared that the cryptocurrency market is highly energy-intensive and volatile to be used as a form of payment. In its place, Nandan believes that Unified Payments Interface Infrastructure by the Reserve Bank of India offers an ultimate and superior infrastructure to carry out real-time payments.
He added, “As some people have their assets in real estate or gold, in the same way, they can have their assets in the crypto world. According to Nandan, there’s a role that every crypto plays as a store of value or wealth but not to be transacted.”
Nandan is an expert and has worked with multiple Indian authorities to formulate new policies on new and digital technologies like the Aadhaar biometric identity program released back in 2009. At the end of 2016, he moved on to join a committee to inspect Indian people on how they make use of digital payments to an extent, and at the end of 2019, he joined the Central Bank committee to facilitate more digital payments.
There’s a gigantic tech sector and thousands of unbanked population in India, and it could make it a global hub for the adoption of crypto assets. Still, the regulatory situation is blurred, and there are multiple conflicting statements and signals coming from the central bank and policymakers. On 19th May, a report was generated where there was a discussion about formulating a regulatory panel that is completely dedicated to crypto assets that will provide more clarity on the crypto situation.
In 2018, RBI banned the financial institutions from allowing their customers to invest or trade crypto assets, but the ban was removed in 2020, which led to new hopes for crypto traders.