Former RBI governor Raghuram Rajan on Wednesday said only a “handful” of the 6,000-odd cryptocurrencies in existence today might survive going forward. “Do we really need 6,000 cryptocurrencies to do payments? One or two, maybe a handful, that is going to survive to be used for payments even if the technology is so useful that it is a substitute for cash and currency…“That would suggest that most cryptos are unlikely to survive with high values going forward,” Rajan told CNBC-TV18. Rajan further said cryptos may pose the same problem as unregulated chit funds which take money from people and go bust. “If things have value only because they will have more value down the line, if that’s the only reason, then that’s what we call a bubble,” Rajan pointed out.

Source: Indian Express November 25, 2021 11:35 UTC