New Delhi: The central government is planning to ban all cryptocurrencies in India and has been supported by the country’s top technocrat and Aadhaar architect Nandan Nilekani. According to Nilekani, people should be approved to invest in crypto. He said that it should be treated like asset class and people should be allowed to invest in it.
Nilekani’s statement comes at a time when the central government is preparing to bring the Cryptocurrency and Regulation of Digital Currency Bill, 2021 in Parliament soon. All private cryptocurrencies will be banned under this bill. The government is taking this step on concerns related to its use in terrorist funding, money laundering and other types of illegal activities.
Nandan Nilekani said that people should be allowed to invest in crypts as an asset class. According to Nilekani, it will not work as a fast transaction medium like UPI but it has a lot of capital. The crypto space startups have welcomed Nilekani’s statement. Mudrex, an automated crypto trading platform, told that many giants around the world are considering crypto as the currency of the Internet and now Nandan Nilekani’s positive attitude towards crypto has clarified that such situations are here too . Patel said that Nilekani has rightly clarified that crypto cannot be compared to UPI, rather it should not be considered as transaction medium but crypto is much more than this. Should be considered as an asset. According to Patel, if crypto is approved, it will strengthen the financial system of the future.
