Mahindra CFO: Bitcoin development encounters obstacles and regulators need to control it

The 2014 Summer Davos Forum was held today. The theme of this annual meeting is "Driving Innovation to Create Value". During the meeting, 1,600 guests from more than 90 countries and regions will participate in 140 meetings.

VS Parthasarathy, Chief Financial Officer, Group Chief Information Officer, Executive Vice President of Mergers and Acquisitions and Member of the Group Executive Committee of Mahindra Group, pointed out when talking about Bitcoin that we actually encountered more problems with Bitcoin, and many governments were involved. Now is not the overall answer to this question, but we can start asking this question. The government can exercise partial management and control over it, and truly be able to manage it so that you can feel that the money is in your hands, just like Bitcoin, which can be done in India.

Atsumoto, an official from Goldman Sachs, believes that "Bitcoin is indeed a good thing, but the government must intervene. I think that the US government is the largest Treasury Department in the world. They also use digital cash. If they print money and give it to other companies, the money can be returned and the payment will not become equity. In fact, digital cash takes away real cash, and the US government will not do this. Therefore, I think the US government will definitely intervene and intervene in digital cash."

Question: My question is about monetary payment.

CHIN: I firmly believe that Internet currency, that is, Bitcoin, is a very exciting technology. Whether it is the transaction of value or the traceability of digital assets, the invention of Bitcoin is very good for finance, not only from a transaction perspective, but also in terms of payment. It is also very important in terms of capital information.

MATSUMOTO: I think Bitcoin is a good thing, but the government will definitely intervene. This is what I think. The US government is the largest treasury in the world. They also use digital cash. If they print money and give it to other companies, the money can be returned, and the payment will not become equity. In fact, digital cash takes away the actual cash, and the US government will not do this. Therefore, I think the US government will definitely intervene and intervene in digital cash.

CHIN: From the perspective of financial institutions, many aspects are impossible to stop. China is trying to stop it, but in fact 70% of transactions are in RMB, which it cannot stop.

Bunty Bohra: If there is an independent Scotland in China, we don't know how China's election will turn out. What does it mean for the currency? Do they have a sovereign institution to guarantee it? Back to the same question, the issue that everyone is concerned about is the substantive issue.

Alain Raes: From the perspective of architectural design, we call it Bitcoin or something else, it is a different approach, and it is a very good idea. But as the market continues to develop, more and more governments will exert influence on it and control it. If you look at its current situation, it is a very effective way to help us deal with the cash problem, which is more effective than solving the cash problem now.

CHIN: Another funny thing is that it is growing very fast now. There are many Bitcoin payments now. If you have an open ledger, everyone can see it more transparently and everything can be traced back. This is why the government and regulators have to come in.

Alain Raes: It would be great if we could make our sovereign debt problems transparent and tell your country and your people how powerful you are.

Blumenstein: What is the cost structure of Bitcoin in India?

VS Parthasarathy: If the final productivity and transaction costs are very good, we actually encounter more problems with Bitcoin. Many governments are involved. Now is not the overall answer to this question, but we can start asking this question. The government can exercise partial management and control over it, and truly be able to manage it so that you can feel that the money is in your hands, just like Bitcoin, which can be done in India.

Question: Many people are discussing the issue of digital currency and its problems, whether it represents value. The future revolution is not just digital currency, which is the question answered by Mr. India just now. There are also technical applications, such as open accounts, etc. Once we start applying for payment and clearing systems, we will see the emergence of many breakthrough technologies, which are not only very good, but also provide a lot of efficiency improvements, as well as a lot of transparency and more interactivity between transactions.