Thread by @business_today

#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri), Ex Chief Economic Advisor, GoI, says uses the mythological story of Krishna and Radha to explain "public key" and "private key" in the world of #crypto. | @CoinDCX

#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri) says, "Radha digitally signs a document with her private key; Krishna opens the doc with Radha's public key & reads the doc with his private key. Correct public + private key is required to read the message" #crypto

#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri) says, "Unlike traditional finance systems, crypto is decentralised. Everything in #crypto can be seen as a combination of public keys (like email address) & private keys (like passwords visible to only the owner)."

#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri) tells BT Magazine Editor @TheSouravM, "The whole #crypto world started after the global financial crisis. There were a lot of folks who were displeased with how finance was being run."

#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri), ex-Economic Advisor, GoI, says, "#Crypto may not be a messiah and it can't solve all problems, but it is definitely a promising technology."

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#BTCryptoConclave | Former Economic Advisor Krishnamurthy Subramanian (@SubramanianKri) tells @TheSouravM, "[Crypto] as a currency, I'm not convinced yet. The only question that matters to me is how is it going to benefit the real economy. Can it add anything meaningful?"

#BTCryptoConclave | "There are many examples in China of Ponzi schemes being built with #crypto. These are aspects we have to be very careful about, and make a distinction between crypto as an ASSET and crypto as a CURRENCY," says Krishnamurthy Subramanian (@SubramanianKri).

#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri), "Even for #crypto as an asset, there must be some regulation. For instance, a KYC. Let's call it an India Wallet infra. If you want to do trade in India and onboard customers, you have to do a digital KYC."

#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri) tells @TheSouravM, "#Crypto regulation has to be such that the benefits for the real economy are enabled. We are still debating if we need one regulator v/s a sectoral regulator. It is important to prototype first."

#BTCryptoConclave | In conversation with @TheSouravM, ex-CEA Krishnamurthy Subramanian (@SubramanianKri) says, "At its core, #CBDC is digital money, but issued by the @RBI. It is the liability of the RBI much in the same way as the 500-rupee note is."

#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri) says, "#CBDC gives @RBI the ability give out smart contracts; it gives arms and tools and efficiency gains to the central bank that may not have been there [earlier] ."

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#BTCryptoConclave | Krishnamurthy Subramanian (@SubramanianKri) says, "Private cryptocurrencies are a no-go in my opinion. Let's not mix crypto as an asset and crypto as a currency."

#BTCryptoConclave | Ex-CEA of GoI, Krishnamurthy Subramanian (@SubramanianKri), explains, "There is no interest being paid in a 500-rupee note right? Similarly, there is no interest on the #CBDC. Hence, it will be similar to a currency, and not a deposit."