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Nandan Nilekani is calling India to accept cryptocurrencies as an asset class. Moreover, authorities around the world are working on ways to address the technology. In addition, he believes that cryptocurrencies cannot be used as a means of payment due to their volatile nature.
Financial Times
However, cryptocurrencies consume large amounts of energy. Nilekani also said that we should encourage cryptocurrencies as assets, not like commodities. He gave an interview to the Financial Times. There he said that anyone could hold some of their assets in cryptocurrency. They can do it just as they have some in gold or real estate.
Storing Value
According to him, cryptocurrencies have a role in storing value, but they are not indeed in the sense of transactions. Nevertheless, he says that cryptocurrency is making $1.5 trillion in markets available to individuals and businesses.
Indian Economy
Moreover, cryptocurrency will allow individuals or businesses to invest wealth in the Indian economy. The technical executives have long worked with Indian attributes to help develop digital policies. As a result, India has a potentially large market for cryptocurrencies.
Official Opposition
However, the official opposition of the country is unclear. Therefore, the total ban might be possible despite the surge in volumes among local traders approaching. The ban can make India one of the strictest jurisdictions of the world regarding digital currencies.
The Supreme Court
Moreover, the Supreme Court of India overturned the 2018 Central Bank’s order to crack down on cryptocurrencies last year. However, the market continues to operate in a gray zone where some banks have recently threatened to take action against Crypto traders.