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Raghuram Rajan On Crypto

Here is What Former RBI Governor Raghuram Rajan Said About Cryptocurrencies

Cryptocurrencies are grabbing the attention of everyone in the world. But in India cryptocurrencies are not much popular. The Indian govt. is already planning to regularize the cryptocurrencies in its crypto bill.

The current finance minister Nirmala Sitharaman has also given hints of India’s Crypto Bill. According to her the Crypto Bill of India is ready and they will pass it after some discussion in their Parliamentary session.

Now we have another news about cryptocurrency, The former RBI governor Raghuram Rajan said the Cryptos may revolutionize micropayments, but we are not there yet.

He said the notion that “cryptocurrencies are more reliable than fiat currencies was a little overstretched. There is a limited supply of bitcoins, but that does not give them any value”.

Raghuram Rajan is a former RBI governor and he is an eminent economist. He also said the cryptocurrencies are a speculative asset right now, and they will remain so until there are developments, and regulations emerge.

Raghuram Rajan also said, “Right now, cryptocurrencies are speculative assets. Will it stay that way? No. There will be developments. Some central banks are thinking of introducing their own cryptocurrency, backed by full faith and credit of the government”.

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