In the wake of yet another nationwide concern over the banning of cryptocurrencies in India, billionaire tech personality Nandan Nilekani has come out in defense of the Indian crypto scene. He states that Indians should ultimately be allowed to possess crypto.
According to Nilekani in a Clubhouse session, cryptos should be treated as an entirely new asset class. The people should be allowed to have some of it. The Infosys co-founder then added that the Indian government must find a way to enable locally-established small to medium businesses to access helpful capital through Bitcoin (BTC) – directly contrasting the RBI’s decision to ban cryptos. Notably, the particular session also features venture financier Karthik Reddy and crypto advocate Balaki Srinivasan.
Nilekani then reinforced that cryptos wouldn’t necessarily replace other transaction mediums already established within the country. This includes FastTag, GST, and UPI. However, as an asset, Nilekani believes that cryptos possess a value too immense to just be banned. He states that the capital the digital asset could bring is enormous, and denying it would be a massive waste of opportunity.
The billionaire then gave his sentiment regarding the RBI’s plan to launch its very own digital coin. According to him, India does not need it. Nilekani says that there is but a minimal chance that an Indian CBDC could compete with BTC or other altcoins, let alone surpass them. He then finished off by stating that the government’s steps against cryptos aren’t enough to sway Indian’s to turn their backs over the rapidly-growing blockchain technology.