Nandan Nilekani, an Indian tech executive and billionaire, said that crypto could help boost the country’s economy if it was treated as gold. Nilekani, who had previously criticized crypto’s high energy consumption and called it unstable, suggested that crypto should be accepted by the government as an asset class.
In an interview, the Indian billionaire said that crypto has the potential to affect the market and India could profit from it. He advised that India should allow “crypto guys” to invest their wealth in the country’s economy.
Nilekani believes that digital assets should not be used as a method of payment. He agrees with many critics. He believed that cryptocurrencies are volatile and require a lot of energy. He encouraged investors to use crypto assets as a replacement for gold.
You can have some assets in real estate or gold, just like you do with some of your assets. Some of your assets can be held in crypto. Crypto can be used as a store value, but not as a transactional currency.
Nilekani’s latest statement on cryptocurrency highlighted his March comment that crypto should be considered an asset class.
As India has taken strict measures to stop cryptos, they have never been fully accepted in India over the years. Recent reports have revealed that India plans to criminalize all cryptocurrency.