Infosys Co-Founder Nandan Nilekani Denies Launching Any Crypto Project

Nandan Nilekani has often been vocal about the functioning of cryptocurrencies.
Nandan Nilekani has often been vocal about the functioning of cryptocurrencies.

New Delhi: Infosys Co-Founder Nandan Nilekani has denied launching any cryptocurrency project. In a tweet shared on Monday, Mr Nilekani has clarified that the information -- circulated on various social media platforms -- is "fake" and urged users to flag it as misleading or false information.

"You may have encountered a post on various social media platforms claiming that I have launched a crypto project. This is #fakenews! Please avoid clicking on it and report it as misleading/false information on the platform where you see it," he wrote on Twitter.

Before the above tweet, Mr Nilkani had shared his mobile phone's home screen and wrote, "No WhatsApp. No notification badges. Only essential apps."

The 66-year-old non-executive chairman of Infosys has often been vocal about the functioning and financial inclusion of cryptocurrencies.

In December last year, Mr Nilekani -- at the Reuters Next Conference -- had said that crypto assets are worth considering and can be used to bring about more financial inclusion.

"There is a role for crypto as assets but they obviously will have to follow all the laws and make sure that it doesn't become a backdoor for money laundering ... they have to use that [as] an entry point to get a lot of young people into financial markets," he had stated.

Currently, the government and Reserve Bank of India are brainstorming over whether digital assets can be included in the financial system or not. RBI is in the process to launch its Central Bank Digital Currency (CBDC) -- Digital Rupee -- in the next financial year 2022-23.

Meanwhile, the Reserve Bank has time and again voiced "serious concerns" on the functioning of cryptocurrencies.

Further, Finance Minister Nirmala Sitharaman -- in Budget 2022 -- had announced that digital assets will be taxed at 30 per cent, the highest tax band in the country.