Nandan Nilekani Usa India county Summit lending FTX bankruptcy Nandan Nilekani Usa India county Summit

Private cryptocurrencies will never replace fiat currency: Nandan Nilekani

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Nandan Nilekani, cofounder and non-executive chairman of Infosys, on Friday. He said incidents like the “fall of cryptocurrency exchange FTX in the United States” have shown that private cryptocurrencies aren’t a big threat. “Because of the rise of private cryptocurrencies, central banks are thinking of digital currencies backed by them — CBDCs (central bank digital currency),” Nilekani, who was speaking at the Bharat Inclusion Summit in Bengaluru, said.

Explaining the use of CBDCs, Nilekani added, “So, why do they need it? For instance, on the wholesale side, especially cross-border settlement, these currencies can further reduce costs.

But private crypto currency, I don’t see it as a threat.” Did you Know?SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms.

The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.View Details »The founding architect of Aadhaar also said that though the Account Aggregator (AA) framework took years to build, it is now on the verge of take-off.

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