India Billionaire Backs Crypto as ban Becomes Imminent

Infosys tech Indian billionaire Nandan Nilekani has backed cryptocurrencies, saying that they can help Indians. Mr. Nilekani, who is also a government advisor and entrepreneur, has said that cryptocurrencies should be classified as an asset class and as such should be allowed for mass adoption.

The tech mogul said that although cryptocurrencies are not yet a mature form of payment due to the slow transactions, they hold a great potential as a store of capital. The businessman downplayed the need of a digital rupees or other stablecoins, citing that those are not necessary.

According to him, MSMEs should be allowed to tap into capital provided by Bitcoin and other cryptocurrencies. In his view, additional tech investment in the digital rupee by the government cannot downplay Bitcoin’s importance.

His comments come as talks of a looming crypto ban in India are circulating online, since the start of 2021. However, various statements on diverse dates by India’s finance minister, Nirmala Sitharaman, have refuted any claim that the government plans to ban cryptocurrency trading and holdings.

Cryptocurrencies, which were originally created as an alternative payment method, have risen to be used as a store of value. Nandan Nilekani envisions that crypto as a store of value would help boost the economy.

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