We all know about the current situation of crypto in India. Reports suggest that a ban is very near and will be very strict. In fact, unlike China that has also banned crypto, India is expected to criminalize the possession and mining of Bitcoin and other digital assets in the country. There will also be huge penalties and jail terms for anyone who violates the law. Reports also suggest that the government might even ban the IP addresses of the exchanges in the country. Standing against all this, Nandan Nilekani said that Indians should be allowed to have the option to use crypto as an asset class.
Why is Nandan Nilekani speaking in favor of crypto important?
Nandan is the co-founder of Infosys and one of the major tech individuals in the country. He has contributed to much major technology we use in the country. This includes UPI, GST, FastTag, and even Aadhaar. Therefore, his opinions on the same are actually very important for the government. He thinks that crypto assets are a store of value, and people should have access to it. And since he has contributed so much to India, it is possible that the government might rethink its decision before banning crypto.
He made it very clear that crypto won’t replace UPI or any other transaction medium in the country. But as an asset, it has immense value, and also, the capital it brings is enormous. Nandan even gave his opinion on the rumors that RBI could launch its own digital coin. He said that we don’t need it. There is a very small chance that a digital rupee could replace Bitcoin and other digital coins. And these steps by the government are not going to sway the view of Indian’s who have embraced blockchain technology.
Effect of the crypto ban in India
In the past year, the growth of cryptocurreny in the country has been huge. There are over 75 lakh people in India who have invented various cryptocurrencies. And this is why over 350 startups operate in the sector. A ban will deprive these exchanges and startups of business. At the same time, it will also affect millions of Indians, holding billions of dollars in crypto assets.
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Also Read: Bitcoin is a substitute for Gold says Federal Reserve Chairman
