EY Executive Says that the Adoption of Bitcoin Could Affect the Global Economy
According to a recent report, after visiting India and meeting up with several government agencies, an EY executive has stated his thoughts regarding the future of virtual currencies in the country. He stated that he believes that bitcoin is just another foreign currency, therefore, it’s adoption could affect the global economy making it of no practical use.
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The leader of EY’s Global Innovation Leader (Blockchain), Paul, R. Brody after visiting India has stated his opinion regarding the future of India’s crypto industry.
EY is one of the world’s largest professional services startups and is also one of the “Big Four” audit companies.
When asked his thoughts regarding the future of India, Brody said that:
“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.”
Brody describes himself as the man behind the forward movement of EY’s initiatives and investments in blockchain technology across consulting, audit, and tax business lines.
He is of the school of thought that the future of business transactions on the blockchain is
He highlighted that the majority of the people and companies get revenue and spend their money in local currency.
While referring to the ongoing argument about how bitcoin is an inflation-resistant currency. He stated that due to its limited supply, the currency is a highly deflationary currency model.
He said:
“Most economists agree that deflation is, in fact, extremely bad for economies. Inflation, particularly out of control hyper-inflation, has not been a real risk in mature economies for decades,” Widespread adoption of bitcoin could be very damaging to the global economy. He added.
