Nandan Nilekani, the co-founder of Infosys, has denied launching any cryptocurrency project. Mr Nilekani clarified in a tweet shared on Monday that the news spread on multiple social media platforms is “fake” and requested people to report it as misleading or false information.

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“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 Infosys non-executive chairman has frequently spoken out regarding the functioning and financial inclusion of cryptocurrencies. Mr Nilekani stated in December last year at the Reuters Next Conference that crypto assets are worth consideration and may be used to increase financial inclusion.

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“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.

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The government and the Reserve Bank of India are now pondering whether digital assets should be incorporated into the financial system. The Reserve Bank of India (RBI) is preparing to deploy its Central Bank Digital Currency (CBDC) – Digital Rupee – in the fiscal year 2022-23.

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Meanwhile, the Reserve Bank has repeatedly expressed “serious concerns” about the functioning of cryptocurrencies. Furthermore, in Budget 2022, Finance Minister Nirmala Sitharaman said that digital assets will be taxed at 30%, the highest tax band in the country.