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Crypto world claims digital currency is panacea but truth somewhere in between: CEA KV Subramanian
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economictimes.indiatimes.comcrypto as an asset and crypto as a currency. Across time, only currencies issued by sovereigns have got legitimacy. What provides currency a credence is the fact that it is backed by a sovereign, he said in an interview to ET NOW. An important aspect that has to be factored in while talking about a virtual currency is that there is nothing to back the price of a crypto. «For example, for a stock, the cash flows of that firm is what is actually the backing for that stock. If you take gold, you know it is actually an asset unlike crypto. There is nothing backing crypto and, therefore, intrinsic volatility can be very high, which also impacts the attractiveness of crypto as an asset itself,» Subramanian said.
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