Indian technology mogul, Nandan Nilekani, has urged local lawmakers to allow citizens to speculate on crypto assets.
The co-founder and chair of Infosys, an Indian multinational information technology firm, has urged regulators to embrace digital assets and get a handle on accommodating the technology.
Speaking to the Financial Times, Nilekani warned that prohibitive regulations could result in significant missed opportunites for India, asserting that a more permissive approach would let the country to tap into the $1.7 trillion digital asset market and allow “crypto guys to put their wealth into India’s economy.
However, Nilekani is not bullish on an unfettered crypto market for India, asserting cryptocurrencies are too volatile and energy-intensive to use as a means of payment. Instead, he believes the Reserve Bank of India’s Unified Payments Interface infrastructure offers superior infrastructure for real-time payments.
Instead, the tech mogul advised allowing Indian’s to access crypto assets for speculation and as a store of value, stating:
“Just like you have some of your assets