As of its latest filing, Infosys has total assets of $38.7 billion, with its core banking platform business accounting for $9.2 billion and the rest coming from software, consulting, outsourcing, infrastructure and other services. Nilekani, who is known as NN, is co-founder of the company, and is the CEO of Infosys and chairman of the board. At a time when India is increasingly looking at digital currency, and there is a strong push towards technological advancements in the country, Nilekani is of the opinion that it is not a bad idea to see cryptocurrencies as an asset class.
This week, Infosys co-founder and board member Nandan Nilekani has advocated for the role of cryptocurrencies in society. Speaking at the World Government Summit in Dubai, he said: ” Cryptocurrency is an asset class, not a currency. It has a wide scope of applications, and it should be widely used. ”
Over the past few months, the cryptocurrency industry has been evolving at an unprecedented pace. It now has its own ecosystem, which is attracting investors and traders of all stripes. And to add to the excitement, even the stalwarts of the traditional finance industry have been making their presence felt in the crypto spaces.Summary of the situation – Infosys wants cryptocurrencies to become an asset class in India. – Indian authorities may lift sanctions on crypto-currency storage program Infosys co-founder Nandan Nilekani believes that the cryptocurrency market in India should use tokens as an asset class. The Bangalore, India-based technology services company is once again showing its support for virtual currencies. Nilekani believes that just as Indians have assets in gold or real estate, they can also embrace cryptocurrencies. The Infosys chairman believes that virtual currencies have both an accumulation value and a transaction value. All of these comments came in the wake of India’s current ban on cryptocurrencies, which has been talked about since the beginning, but tightened in 2021. India is one of the countries that has tried hardest to streamline the cryptocurrency market since it took off. Government agencies have called bitcoin tokens a system that facilitates money laundering.
In an interview with Nilekani about the cryptocurrency market, he showed his full support. The IT veteran believes decentralized currencies can play a big role in the economy. The expert suggests that transaction intrusion may not work in Bitcoin if it is used as storage. Nilekani played a prominent role in the establishment of the Aadhaar identification system in India. He concluded that companies and individuals who benefit from the cryptocurrency market will increase their popularity. Crypto-enthusiasts will prefer the market and use their assets as storage. However, Nilekani has supported the crypto currency reservation system. Nilekani’s opinion may not be wrong, as the cryptocurrency market has proven to be excellent as a custodian.
Reasons to adopt tokens as an asset class in India
After investing in ClubHouse in March this year, Nilekani believes Indians should hold cryptocurrencies as an asset class. This meeting of Nilekani was held with investors Karthik Reddy of Blume Ventures and Angles Balaji Srinivasan. Although virtual currencies do not function as a means of transaction, they do function as deposits due to their volatility and high cost per move. The transactions of these decentralized currencies are not at the UPI level, so their market is not perceived as practical. Thousands of daily transactions in India are causing the market to collapse, which may be due to a poor market. India needs to change its attitude towards cryptocurrencies. Perhaps with this new scenario, the country’s authorities will undo the regulations that have hit bitcoin so hard. Cryptocurrencies would be a more real estate-like asset class. Nilekani has long been a supporter of this way of working and the Indian authorities have supported it. The Infosys chairman also formed a committee to look into digital payments and avoiding crypto-currency penalties in 2019.Cryptocurrencies are a form of currency that use cryptography for security. They offer a high level of security, but they aren’t physical, and are not backed by any government, central bank, or entity. They exist strictly in the digital world and are available for trade on exchanges or online.. Read more about nandan nilekani on vaccine certificate and let us know what you think.
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