India must ‘embrace crypto as a commodity,’ urges Infosys chair

The chair of Infosys has said that India should embrace cryptocurrencies as an asset class.

According to a report from the Financial Times (FT), Nadan Nilekani said that cryptocurrencies should be encouraged as an asset to be bought and sold like a commodity.

But the Infosys chair said that crypto is too volatile and energy intensive to be used as a payment method, suggesting that India’s Unified Payments Interface digital payments infrastructure works better.

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

Nilekani added that permitting people and business to get involved in the $1.5 trillion market would enable “the crypto guys to put their wealth into India’s economy.”

The Indian tech leader has in the past worked with India-based authorities to establish digital policies.

Nilekani also chaired a central bank committee on digital payments in 2019.

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.