Tuesday, July 5, 2022
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Cryptocurrencies

Infosys’ Nandan Nilekani says Indians should embrace cryptocurrency as an asset class

MtR by MtR
June 8, 2021
in Cryptocurrencies
0
Infosys’ Nandan Nilekani says Indians should embrace cryptocurrency as an asset class


Infosys’ co-founder and Chairman Nandan Nilekani is once again backing cryptocurrencies in India, calling on Indians to embrace digital currency as an asset class.

“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,” Nilekani told the Financial Times in an interview.

In the interview, he further added, “I think there’s a role for crypto as a stored value but certainly not in a transactional sense.”

Nilekani’s comments come amid cryptocurrency facing regulatory uncertainty in the country.

The IT veteran, who spearheaded the Aadhaar identity system in India, told FT that permitting individuals and businesses to tap the $1.5tn market would allow “the crypto guys to put their wealth into India’s economy”.

Earlier too, Nilekani has endorsed cryptocurrencies as a store of value.

At a Clubhouse engagement in March with angel investor Balaji Srinivasan and Karthik Reddy of Blume Ventures, Nilekani had said, “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,” according to several reports.

Nilekani has long worked with Indian authorities to help craft digital policies. He also chaired a central bank committee on digital payments in 2019.

India is a potentially big market for crypto but the country’s official stance is unclear, with the spectre of an outright ban looming despite surging volumes among local traders.

Last year, the Supreme Court ended a 2018 ban on banks from dealing in virtual currencies such as cryptocurrencies including bitcoins. A three-judge bench led by Justice Rohinton Nariman quashed the Reserve Bank of India notification issued in April 2018 that had introduced the restriction.

The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating banking transactions for cryptocurrency exchanges and traders. The top court’s order followed a plea by the Internet and Mobile Association of India (IMAI) objecting to the RBI ban. The industry body – whose members carried out cryptocurrency transactions among each other – had claimed the move effectively banned legitimate business activity via virtual currencies.

However, recently, the RBI said that it has been brought to its notice via several media reports that banks have cautioned their customers from dealing in cryptocurrencies by making a reference to a circular issued by the banking regulator on April 6, 2018.

“Such references to the above circular by banks/regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020,” the RBI said.

Speaking to FT further, Nilekani argued that Infosys’s experience and scale — the company has about 250,000 employees — meant it was well placed to thrive as companies revamp their internal systems to adjust to a post-pandemic routine of remote or flexible working.

“I think, frankly, the opportunities today are better than ever before,” Nilekani said. “In the 40 years I’ve been in this industry, I’ve never seen so much change and acceleration happening,” he told FT.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!



Source link

Related articles

Understanding the cryptocurrency crash | podcast | News

July 5, 2022

No Man’s Sky players invent their own cryptocurrency and it’s worthless (but it’s supposed to be)

July 4, 2022

Related Posts

Understanding the cryptocurrency crash | podcast | News

by MtR
July 5, 2022
0

When the global financial system went into meltdown in 2008, banks collapsed and governments around the world were forced to...

No Man’s Sky players invent their own cryptocurrency and it’s worthless (but it’s supposed to be)

by MtR
July 4, 2022
0

Have you ever thought to yourself that the one thing No Man's Sky (opens in new tab) really needs to...

DeFi Is Real, Whatever Happens To Cryptocurrency

by MtR
July 4, 2022
0

In Jamie Dimon’s annual letter to JP Morgan Chase shareholders, he said explicitly that “DeFi and blockchain are real”, which...

Chinese tech firms pledge to ban NFTs, cryptocurrency marketplaces

by MtR
July 4, 2022
0

Chinese internet and tech giants on Monday signed an initiative to ban cryptocurrency and digital collectibles...

Cryptocurrency Exchange Vauld Suspends All Operations Over ‘Financial Crisis’; Know More

by MtR
July 4, 2022
0

Cryptocurrency exchange Vauld has suspended its operations including withdrawals, trading and deposits on its platforms, the company said in a statement on Monday...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
Fed tapering and emerging markets

Fed tapering and emerging markets

June 7, 2021
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Mutual funds to create Rs 5 crore in 15 years

July 5, 2022

Kingston Securities discusses how ETF Connect will benefit Hong Kong

July 5, 2022

Major change in trend in US stocks, T-bonds, and US dollar

July 5, 2022

Infographic: China’s explosive EV growth to stay on track

July 5, 2022

Recent News

Mutual funds to create Rs 5 crore in 15 years

July 5, 2022

Kingston Securities discusses how ETF Connect will benefit Hong Kong

July 5, 2022

Major change in trend in US stocks, T-bonds, and US dollar

July 5, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter