Infosys Chair urges Indian regulators to embrace crypto

Prominent Indian information technology, Infosys’s co-founder and chair, Nandan Nilekani seemed to have jumped on to the crypto bandwagon as he advised Indian regulators to encompass cryptocurrencies into the system instead of outrightly shooting it down.

Indians have had a tough time with regard to crypto. From the country’s central bank imposing a blanket ban on the entire digital asset industry, to the government revoking it, the lack of clarity with regard to crypto regulations has always haunted the country. In addition to this, rumors about a ban resurfaced amidst the recent crypto rally. However, this was short-lived as the government had reportedly formulated a panel that focused on regulating the crypto-verse.

One of the country’s tech mogul stepped up and expressed his views on the entire crypto scene in the country.

Infosys Chair views crypto as a store of value

In a recent interview with Financial Times, Nilekani noted how India would be missing out on opportunities concerning the crypto industry. The crypto industry grew from nothing to a $2 trillion market. While the market cap of the crypto-verse currently sits at $1.7 trillion, several governments across the globe have already started to view it as a promising industry. Nilekani further hoped that the government would find a way to let “crypto guys” pour their money into the country’s economy.

While the world is still figuring out what cryptocurrencies really are, the volatility aspect has time and again highlighted by many. Elaborating on the same, the Infosys chair suggested that crypto assets were too volatile to be used as a payment method. He noted that the high consumption of energy and volatile nature stands in way of cryptocurrencies being used for payments. He further added,

“Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto. I think there’s a role for crypto as a stored value but certainly not in a transactional sense.”

However, the Reserve Bank of India’s Unified Payments Interface would come in handy for real-time payments, the Infosys chair perceived.

As India has been dealing with the second wave of the COVID-19 pandemic, the crypto community went on to donate large sums. This list included Binance’s CZ, Tron’s Justin Sun as well as Ethereum’s Vitalik Buterin along with several others.

Sahana Kiran: Experienced Journalist with a demonstrated history of working in the online media industry. Skilled in Photography, Feature Writing, Journalism, Online Journalism, and Web Content Writing. Strong media and communication professional with a Bachelor of Arts - BA focused in Journalism