Indian tech billionaire Nandan Nilekani thinks cryptocurrencies are too energy-intensive and volatile for payments but they “should be encouraged as an asset to be bought and sold, like a commodity.”
“Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto,” he told the Financial Times in an interview published today. “I think there’s a role for crypto as a stored value but certainly not in a transactional sense.”
Nilekani didn’t specify any cryptocurrencies. He may have been referring to Proof-of-Work cryptocurrencies such as Bitcoin, which are powered by energy-intensive mining.
Conversely, Proof-of-Stake cryptocurrencies, such as Cardano and soon Ethereum 2.0, draw their power to validate transactions from funds pledged (“staked”) to the network. This uses a fraction of the power.
Nilekani said that India’s own Unified Payments Interface (UPI), an instant real-time payment system developed by the National Payme
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