On the one hand, there are signs of banning private cryptocurrencies in India and the government is going to introduce a bill regarding this in the current winter session. While RBI has termed it as a big threat, on the other hand, Finance Minister Nirmala Sitharaman has also termed the crypto business as a risky area. At such a time, Nandan Nilekani, chairman of the giant tech company Infosys, has supported cryptocurrencies.
crypto assets to consider
At an event, Infosys Chairman Nilekani said that crypto assets are worth considering and can be used to bring about greater financial inclusion. He added that crypto can have a role as an asset, but clearly, all laws related to it have to be complied with. We have to ensure that this digital currency is not used in the wrong ways. Financial inclusion means providing financial services to the backward and low-income people of the society.
Crypto Market Volatility Challenge
Nilekani said that investment in cryptocurrencies continues to grow. But due to the volatility in the market, there are many challenges regarding crypto transactions. It is worth mentioning that Nandan Nilekani is a technocrat and has also been the chairman of UIDAI (Unique Identification Authority of India) in the year 2009. The credit for bringing the Aadhar card to India goes to him. In such a situation, this statement given by him about crypto means a lot.
Preparing to bring a bill on cryptocurrency
To rein in private cryptocurrencies in India, the government is preparing to introduce a bill regarding this in the current winter session. The Finance Minister has also said as soon as he spoke in Parliament that the bill will be introduced soon. At the same time, the Reserve Bank of India has proposed to the Central Government regarding its digital currency, stating that private cryptocurrencies are a big threat.
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