Crypto can bring about financial inclusion, Infosys chair says

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Dec 1, 2021

SHARE:

Scoop.market.us is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more.
close
Advertiser Disclosure

At Market.us Scoop, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Our data is available to the public free of charge, and we encourage you to use it to inform your personal or business decisions. If you choose to republish our data on your own website, we simply ask that you provide a proper citation or link back to the respective page on Market.us Scoop. We appreciate your support and look forward to continuing to provide valuable insights for our audience.

December 1, 2021

By Una Galani and Sankalp Phartiyal

MUMBAI (Reuters) -Crypto assets are worth considering and can be used to bring about more financial inclusion, Nandan Nilekani, chairman of software services exporter Infosys , said at the Reuters Next Conference https://ift.tt/37BSW6T on Wednesday.

“There is a role for crypto as assets but they obviously will have to follow all the laws and make sure that it doesn’t become a backdoor for money laundering … they have to use that [as] an entry point to get lot of young people into financial markets,” said Nilekani, who co-founded Infosys, India’s No.2 IT company in 1981.

Crypto https://ift.tt/3dbCzjn not suitable for transactions because of its high transaction costs and volatility, added Nilekani, a well-networked technocrat who also played a key role in creating India’s 1.3 billion-strong biometric database.

Nilekani’s comments come at a time India’s federal government is planning to discourage trading https://ift.tt/3Eh3Axy in cryptocurrencies by imposing hefty capital gains and is also looking to classify crypto as an asset class, Reuters reported last month.

New Delhi has said that it will allow only certain cryptocurrencies to promote the underlying technology and its uses.

“If we have a very well regulated and legal, lawful crypto market, not as currency but as assets, and lot of young people build innovative applications around that then these young people could create a wave of global companies,” Nilekani said.

India has 15 million to 20 million crypto investors, according to industry estimates, with total crypto holdings of around 400 billion Indian rupees ($5.35 billion).

In his first public comments on the subject, India’s Prime Minister Narendra Modi in November said all democratic nations must work together to ensure cryptocurrency “does not end up in wrong hands, which can spoil our youth”.

India’s central bank’s digital currency may see its pilot launch in the first quarter of the next fiscal year.

To watch the Reuters  Next conference please register here https://ift.tt/3ny4JbM

($1 = 74.8310 Indian rupees)

(Reporting by Una Galani and Sankalp Phartiyal. Editing by Jane Merriman and Nick Zieminski)

Source Link Crypto can bring about financial inclusion, Infosys chair says

SHARE:
Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.