An EY executive who recently visited India and met with a number of government agencies has voiced his opinion about the future of cryptocurrencies in the country. He believes that bitcoin has no practical use, is just another “foreign” currency, and its widespread adoption could be “very damaging to the global economy.”
‘No Practical Use’
Paul R. Brody, EY’s Global Innovation Leader (Blockchain), has shared his thoughts on the future of the crypto industry in India after his recent visit to the country. EY is one of the world’s largest professional services firms and one of the “Big Four” audit firms.
Paul R. Brody, EY’s Global Innovation Leader (Blockchain)
Brody describes himself as “responsible for driving EY’s initiatives and investments in blockchain technology across consulting, audit, and tax business lines.” In an interview with Forbes India published Monday, he was asked: “Do you see any future for bitcoin in India?” The executive replied:
I don’t see any reason why people should be prohibited from owning them. I see bitcoin as just another ‘foreign’ currency — only one without a country. That being said, I see no practical use for bitcoin or nearly any other cryptocurrency.
He believes that “the future of business transactions on the blockchain are tokenised fiat currencies,” often referred to as stablecoins. “Most people and companies earn their revenue and spend their money in local currency,” he remarked.
Widespread Adoption Possibly ‘Very Damaging’
Referring to the argument that bitcoin “is an inflation-resistant currency,” Brody asserted that “In fact, it is a highly deflationary currency model, given the limited supply.” He further claims that “Most economists agree that deflation is,