- Nandan Nilekani said that lawmakers should treat crypto like gold or real estate.
- He said India should seek to attract investment from the $1.7 trillion crypto industry
In an interview, he said that India should seek to attract investment from the $1.7 trillion crypto-asset industry. Also, the Indian tech leader urges lawmakers or regulators to embrace crypto.
According to the interview, Nandan Nilekani said,
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.
Further, he said that India could miss vital opportunities for limiting regulations. But a more permissive way would let the country get into the $1.7 trillion digital asset market. So, the regulators should allow crypto enthusiasts to put their wealth into India’s economy.
However, he added that cryptos are too volatile and energy-intensive to use as a means of payment. Instead, he thinks the Reserve Bank of India’s Unified Payments Interface infrastructure offers a superior infrastructure for real-time payments.
Recently in an interview, India-based exchange CoinDCX’s CEO and Co-Founder Sumit Gupta said that the Indian government recognizes blockchain technology’s potential. He has also given some hope about the unlikelihood of a blanket ban on crypto.
He said that India might form a panel for crypto. It will regulate crypto as digital assets rather than tokens.