‘Digital Rupee’- Nilekani can come to India in two-three years

In India, ‘Digital Rupee’ can come in trend in 2-3 years. This estimate is from Infosys Chairman Nandan Nilekani. Regarding the increasing craze of cryptocurrency, he says that it will take time to get an agreement on it in India right now. It is possible that it may be allowed in the future as an asset class for investment, but it is difficult to allow for purchase and transaction. A big reason for this is also that the situation in India is different from other countries of the world.

Our UPI is a unique platform for payment, so there is no need for cryptocurrency, because the interoperable platform that India has created to pay anyone from any bank or business or individual is unmatched in the world.

Nilekani said these things at a program of venture capital firm Bloom Ventures at the clubhouse. The program also included angel investor Balaji Srinivasan, who opined that India should not ban cryptocurrency business. The government is considering a ban.

Nilekani said that the platform on which crypto runs – blockchain – is being used in many areas in India, but it is difficult to use crypto as a currency in India, as long as the interests of the entire population of the country I do not see any logic in its use and consensus should not be formed on it.

He reminded what restrictions India had imposed on investment in gold till 1968. Since the blockchain-based crypto business takes place internationally, India’s policy will remain the same as it has been on the old demand to eliminate control over the movement of capital. The reason is that the government is very careful about the stability of the financial system.

Many countries are considering bringing digital currency

China is preparing to bring digital Yuan. Many more countries including America and Japan are also thinking of bringing digital currency. In this context, Nilekani said that our Reserve Bank can bring Central Bank Digital Currency (CBDC), it is just a matter of time.

Just as a currency can be in the form of paper or plastic card, similarly the rupee should also be in digital form, this is a reasonable thing.

The most popular bitcoin in the crypto currency is Bitcoin, which is currently trading at $ 55,000. Nilekani says that this market has become one trillion dollars all over the world at the moment. About one crore people in India have invested 10-15 thousand crores in many crypto currencies including bitcoin. One section considers the trend of crypto as a natural digital revolution, while the other section considers it to be fashion and scam.