Nikhil Kamath calls for India to explore gold backed stablecoin
Business
Nikhil Kamath, co-founder of Zerodha, thinks India should look into launching a stablecoin backed by gold.
He recently called UPI a "UPI has been incredible for India to say the least." and applauded the government for not giving in to dollar-based stablecoins, which he feels could hurt India's financial independence.
Kamath suggests tokenizing India's gold
India has massive private gold reserves just sitting around.
Kamath suggests turning some of that idle gold into a digital token (a gold-backed stablecoin), which could help investors earn returns and make India less reliant on foreign (dollar-based) coins.
He admits he's no expert on how to pull this off, but believes it fits with India's love for gold.