Blockchain doesn’t need cryptocurrency: McKinsey Digital Asia manager

Blockchain doesn't need cryptocurrency: McKinsey Digital Asia manager

Mumbai: Anand Swaminathan, director of McKinsey Digital in Asia, told ET that it would be a mistake to think that cryptocurrencies and blockchain technology are “so intertwined that you can’t have one without it. ‘other”.

The Indian government’s announced plan to ban all cryptocurrencies has drawn strong backlash from members of the crypto community, who say the ban on cryptocurrencies while simultaneously encouraging the use of the technology blockchain, on which these virtual currencies are built, would amount to authorizing the use of electric vehicles but not financing them.

But Swaminathan said, “Cryptocurrency is a use case for blockchain technology. While cryptocurrency cannot exist without …

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