India is still working on the ban for “private cryptocurrencies” like Bitcoin and Ethereum.
However, last week the Finance Minister Nirmala Sitharaman said at a separate event that there will be a “window” for experiments with Bitcoin and Blockchain.
On the other side is the business. The Indian billionaire – Nandan Nilekani – is a crypto evangelist. He is a co-founder of Infosys, one of the world’s biggest IT and business consulting companies and strongly believes in the digital currencies. According to him the sector is a new “asset class” for citizens.
“We should think of crypto as an asset class and allow people to have some crypto,” said Nilekani during a Clubhouse session.
Nandan Nilekani is behind some of the most important country’s projects – the digital payment network UPI, e-governance and identity system Aadhar. In addition he is an advisor to the Reserve Bank of India. On the question about the national digital currency he said “I am not sure we need a private stablecoin or if a digital rupee will be good enough.”
The government vs the business. As we saw some of the leading businessmen are not sure that the ban of all private crypto is the best decision for India. The new project may have a negative impact for the tech industry.