Nandan Nilekani Backs Cryptos, Says They Should be Treated as Commodities

  • Cryptocurrency News
Nandan Nilekani Backs Cryptos, Says They Should be Treated as Commodities
Credit: © Reuters.

By Aditya Raghunath -- Infosys Ltd (NS: INFY ) Chairman Nandan Nilekani, in an interview with Financial Times, threw his support behind cryptocurrencies. He said that “crypto should be encouraged as an asset to be bought and sold, like a commodity.”

He added that just like investors hold part of their holdings in assets like gold or real estate, they should be able to do the same in crypto as well. He thinks that crypto should not be treated as a transactional asset but should instead be looked at as a stored value.

Nilekani’s words carry a lot of weight in India considering that he has helped develop the country’s largest digital foray: Aadhar.

Indian crypto startup WazirX said that the platform hit transactions worth $4.5 billion in April, up from $500 million in December 2020. It had also said that Indians hold around Rs 15,000 crore in crypto.

India’s stand on crypto is not clear. The government has been considering a ban on it. The Supreme Court in India overturned a 2018 Reserve Bank of India ban on banks with respect to crypto trades. However, banks prefer to err on the side of caution. Last month, major financial institutions in India including HDFC Bank Ltd (NS: HDBK ) and SBI Cards and Payment Services Ltd (NS: SBIC ) warned their customers against dealing in crypto.

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