Infosys Chairman Advocates Regulation of Crypto Assets as Commodities in India – Bitcoin News
Infosys Chairman Mr. Vishal Sikka is one of the most well-known investors and promoters of the cryptocurrency space. He has advocated self-regulation in the crypto space and believes that crypto assets should be treated as commodities, and be regulated and taxed in the same way as fiat currencies.
Infosys Chairman N.R. Narayana Murthy has been a staunch supporter of cryptocurrencies. On the sidelines of the World Economic Forum in Davos, he said that the industry needs to be regulated and brought under the purview of the Securities and Exchange Board of India (SEBI). Moreover, he advocated that cryptocurrencies should be classified as commodities.
Infosys CEO Vishal Sikka has been quite vocal about his views on cryptocurrencies. He has recently stated that Cryptocurrencies are not currencies but are commodities and should be regulated in the same way as gold and copper are. He even went on to say that they shouldn’t be categorized as a commodity, and this stance is in line with the Reserve Bank of India (RBI), which has stated that Cryptocurrencies aren’t legally recognized as a currency and should be treated as a commodity.. Read more about should i invest in cryptocurrency in india and let us know what you think.
The chairman of Infosys, a major Indian company, believes cryptocurrencies should be regulated like an asset, like a commodity. He believes that investors in cryptocurrencies will contribute significantly to the Indian economy.
Infosys chief wants to regulate cryptocurrencies as assets
Infosys chairman Nandan Nilekani believes the Indian government should regulate cryptocurrencies as an asset that can be bought or sold like a commodity, according to an interview with the Financial Times. He stated: Just like you have gold or real estate, you can have cryptocurrency assets. I think cryptocurrencies can play a role as stored value, but certainly not in a transactional sense. Founded in 1981, Infosys is an Indian multinational information technology and consulting company, listed on the New York Stock Exchange, with approximately 25,000 employees. The company is represented in more than 50 countries. Nilekani has a long history of working with Indian government agencies to help develop digital policies, including the biometric identification program Aadhaar. He also served as chairman of the central bank’s Digital Payments Committee in 2019. Nilekani believes that cryptocurrencies are not suitable as a means of payment because they are too volatile and consume a lot of energy. He also believes that India’s digital payments infrastructure UPI (Unified Payments Interface) is more efficient. The president said cryptocurrency investors will invest their wealth in the Indian economy if they are allowed to enter the $1.5 trillion cryptocurrency market. The Indian government is still working on the country’s crypto currency policy. A crypto currency bill was supposed to be introduced during the budget session of parliament, but it was not. This bill proposes to ban cryptocurrencies. However, there are reports that the government is reviewing the bill and setting up a panel of experts to make further recommendations. Last week, India’s central bank, the Reserve Bank of India (RBI), clarified its stance on cryptocurrencies. The RBI has informed banks that its April 2018 circular, which prohibited financial institutions from providing services to cryptocurrency traders and resellers, is no longer valid and should not be cited. Shaktikanta Das also confirmed that the bank’s position has not changed and that the bank is still very concerned about cryptocurrencies. Infosys has embraced blockchain technology and offers a comprehensive set of end-to-end blockchain services ranging from consulting, implementation and change management to application operation and maintenance, according to the company’s website. Nilekani has made his point: Honestly, I think the options are better today than ever before. In my 40 years in the industry, I’ve never seen so much change and acceleration. The Infosys chief is not the only one who thinks cryptocurrencies should be regulated as assets in India. Last month, former finance minister Subhash Chandra Garg, who headed the committee that drafted the bill to ban cryptocurrencies, said the government should regulate them as crypto assets instead of banning them. He explained that when the law was written, cryptocurrencies were used as a currency rather than an asset, but that has changed. Cryptocurrencies are now used as assets and investment vehicles to a much greater extent than currencies in India. Do you think the Indian government should regulate cryptocurrencies as a commodity? Let us know your comments in the section below.
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crypto assets, crypto-currencies, infosys, infosys chairman, infosys chairman, Nandan Nilekani, RBI, bitcoin regulation, crypto-currency regulation, crypto-currency regulation, crypto-currency regulation. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Infosys Chairman and CEO Vishal Sikka has called for the consideration of regulating cryptocurrencies as commodities in India. His proposal follows the recent draft bill by India’s central bank, which is expected to ban banks from providing services to crypto companies.. Read more about blockchain in india and let us know what you think.
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