Paul Brodie, head of Ernst & Young Global Blockchain, believes that for the first time, the volatility of prices for crypto assets does not have a significant impact on the long-term growth of the industry.
Paul Brodie stated that the current crypto-winter manifests itself more mildly and does not have such a crushing impact on the cryptocurrency industry. He believes that there is a gradual departure from the purely speculative and financial orientation of the industry to the influence of its technological component.
Brodie added that the behavior of users is more focused on the benefits that the cryptocurrency ecosystem can provide them, and not just on short-term financial benefits. For example, the development and release of new applications, the development of decentralized autonomous organizations (DAO) or the possibility of investing in non-fungible tokens (NFT).
Brodie also noted that regulators have become more effective in suppressing obvious Ponzi schemes and bringing its participants to justice with greater rigor.
“The management of crypto assets should be simple enough and use a carefully tested approach so that people can follow it. I would like to see more regulatory activity and rules that good players can follow,” Brodie said.
At the beginning of the year, one of the world’s largest auditing companies Ernst & Young recommended that commercial banks start preparing for the mass entry of stablecoins and government cryptocurrencies (CBDC) into the market.