wordpress blog stats
Connect with us

Hi, what are you looking for?

Crypto-currencies should be treated as an asset class, says Nandan Nilekani

Nandan Nilekani said he supports regulating crypto-currencies as financial assets. During a conversation on the Clubhouse app on Monday evening, the non-executive chairman of Infosys and the chief architect of the Aadhaar program suggested that the government's proposed digital currency can sit on a parallel rail on the Unified Payments Interface (UPI). "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," Nilekani said. MediaNama attended the Clubhouse call, which was not public. "There is no question that Indians have already started using the underlying technology of Bitcoin, which is blockchain...I do not think we can offer crypto-currencies as a transaction medium, it won't compare in performance with UPI for many years...As Indians become more comfortable with cryptos as an asset class, we will make the steps to allow people have some holdings in cryptos as long as they declare them. This will have to be done in a very structured manner, the debate will happen."—Nandan Nilekani He said that while the government and regulators were looking at developing a Central Bank Digital Currency or CBDC in the next two-three years years, a private stablecoin would not be required since a Digital Rupee would be enough. "If MSMEs need capital and if we can say that the capital in the crypto-world, which is $0.5 to $1 trillion, if that…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

Free Reads

News

With GPS in every car, India's toll collection is going high-tech.

News

Google is currently undergoing the necessary procedures for the leasehold land, which is presently under the ownership of the Maharashtra Industrial Development Corporation.

News

The pilot project for which is being launched in 19 cities this year, with a plan to launch a full-fledged rollout next year.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ