Nandan Nilekani concerning a ban on cryptocurrency by the Indian Government said that people should be allowed to have it as an asset class. He considered cryptocurrencies as a store of value.
Nandan Nilekani is one of India’s most prominent technocrats and has played a central role in building India as a digital country – be it Aadhaar, the UPI payment infrastructure, GST or FASTag.
“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 during a conversation with angel investor Balaji Srinivasan and Karthik Reddy of Blume Ventures, at a Clubhouse session organized by the Indian VC fund, as a report published on money control.
Nandan Nilekani also advises several government agencies and the Reserve Bank of India (RBI). He is also one of India’s highest-profile advocates for crypto. He also said that he doubts that if the digital rupee will be good enough, the government should find a way for MSMEs (Micro, Small & Medium Enterprises) to access capital using Bitcoin in the country.
Balaji Shrinivansan is also supporting cryptocurrencies. He said that India should champion decentralized cryptocurrencies like Bitcoin and Ethereum to safeguard national security, prevent de-platforming and hasten India’s development as a global power
There are 75 lakh people in India who invest in cryptocurrencies and 350 startups that operate in blockchain and crypto. Indians also hold billions of dollars in Bitcoins in their portfolio. Crypto exchanges estimating that Indians hold Rs 10K-Rs15K crore worth crypto.