Dr. Eswar Prasad

So we also need to think about regulation at the cross-border or international level.

So it's a very difficult task.

And I think even for the most enlightened regulator, the problem is that, you know, understanding where this balance lies, not stifling innovation, but at the same time being prepared for, you know, unforeseen surprises, because invariably

There are unintended consequences either to too intrusive or too little regulation.

So that's a question I don't have the answer to, Dan.

It's something that's hugely important, and I'm glad there are other better people in charge of these matters than me.

And NFT is essentially something that was not viable before blockchain, which is the technology underlying Bitcoin, came into view.

Because you can have a digital picture of, say, a dancing ape, and you can have thousands of similar pictures of dancing apes.

What blockchain enabled is to create unique

digital objects and in a way that you can have secure ownership of them.

That completely changes the nature of the game because now you can have a particular picture of a dancing ape that somebody owns that is unique, but you can transfer that ownership and that has created an entire new ecosystem.

In the past, if you had a digital object, it could be easily replicated, copied, so it had no value at all.

and this is important not in and of itself but it shows that you can now tokenize a variety of assets you can tokenize financial assets you can tokenize your home and possibly sell different parts of it you can tokenize a piece of art so this word

Tokenization, you're going to hear a lot about it, you and your listeners, Dan.

And NFTs are sort of the leading edge of that.

So pictures of dancing apes are not really the future, but tokenization is really the future.

And blockchain technology has got us moving in that direction.