In an interview, Nandan Nilekani, co-founder of Infosys and chief architect of Aadhaar, said that India’s digital rupee, which the government plans to implement in the next fiscal, should be nameless to avoid state surveillance. He went on to say that India is “doing the right thing” by acknowledging the concept of digital assets while stating that cryptos are not currencies.
According to Infosys co-founder Nandan Nilekani, India’s proposed digital rupee should be “anonymous” since surveillance difficulties may arise if all fee transactions are recorded and visible.
As countries strive to balance the need for regulations with people’s privacy, the rapid digitization of economies worldwide poses significant issues.
“The introduction of the country’s central financial institution digital foreign money (CBDC) would be a world first, according to the 66-year-old technocrat, and present infrastructure like the Unified Payments Interface and Aadhaar will help speed up the process”, he said.
Nirmala Sitharaman, the finance minister, recommended last week’s budget statement that gains from digital assets be taxed at 30% beginning April 1.
Nilekani feels that by “recognizing the idea of digital assets” and taxing them at 30%, India is “doing the right thing.” In specific ways, he noted that India has also realized that cryptocurrency assets are not currencies. “I believe the digital rupee should be anonymous because one of the worries is that if all payment transactions are recorded and accessible, there would be additional difficulties like monitoring,” Nilekani said.
According to Nilekani, Infosys’ status as the industry’s bellwether has been restored, with the company’s stock soaring at “market-leading rates.” Last month, Infosys raised its annual revenue prediction by 3%, predicting that revenue will grow by 19.5-20% in the current fiscal year, ending in March.