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Indian tech executive and billionaire Nandan Nilekani said crypto could bolster the country’s economy if it is treated like gold. Although he earlier referred to crypto as unstable and criticized its high energy usage, Nilekani suggested that the government should accept crypto as an asset class.
Speaking in an interview with Financial Times, the Indian billionaire stated that crypto is positioned to impact the market, and India could benefit from it. He also advised that the government should not stop “crypto guys to put their wealth into India’s economy.”
Nilekani still believes that digital assets are not fit to be used as a payment method, agreeing with several critics. He based his belief on the fact that cryptocurrencies are generally volatile and consume excessive energy. However, he urged investors to consider crypto assets as a substitute for gold.
“Just like you have some of your assets in gold or real estate. You can have some of your assets in crypto. I think there’s a role for crypto as a stored value but certainly not in a transactional sense.”
Nilekani’s recent statement on cryptocurrencies emphasized his earlier comment in March that crypto should be accepted as an asset class.
Over the years, cryptos have not enjoyed complete acceptance in India as the government has always taken strict measures against it. Most recently, reports revealed that India is planning to criminalize all cryptocurrencies.
Image Credits: Pixabay
