Fact check: Nandan Nilekani isn't launching crypto project; it's fake news

Discussion over cryptocurrency took prominence in the latest Budget. Infosys co-founder and its non-executive chairman Nandan Nilekani chimed in on the subject of crypto at the Reuters Next Conference. Not long after, rumours started making the rounds of the internet, saying Nilekani was launching a new crypto project.

"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 lot of young people into financial markets," Nilekani was quoted as saying.

But it appears, his views on crypto started spinning the rumour mill.

The claim

Rumours about Nilekani launching his own crypto project spread like wildfire. Social media, WhatsApp and Telegram groups were buzzing with unverified reports that Nilekani will lead a crypto project in India. Some of these messages are accompanied by links.

The reports of Nilekani's crypto project gave hope to advocates of the digital tokens in India, especially at a time when the Indian government is leaning in the opposite direction. The government has imposed hefty capital gains on crypto and is looking to classify crypto as an asset class.

Fact check

International Business Times reviewed the claims about Nilekani's crypto project. Even before the unverified reports got out of hand and started making the headlines, Nilekani was quick to issue a clarification on the matter. Not only did Nilekani rubbish the rumours, but he also warned people not to click on them. They may be malicious in nature.

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

With this, Nilekani clarified that all the rumours about him launching a crypto project are false. Hence, IBTimes has arrived at the conclusion that Nilekani isn't launching a crypto project.