New Delhi Governor: Former Reserve of Bank of India (RBI) Raghuram Rajan on Wednesday said that most of the Cryptocurrency will perish and only a handful of those who can survive.
In interaction with CNBC, Rajan said that most Crypto did not have a permanent value, and only a few existed to provide payments, especially cross-border payments.
CryptocurrencyLive “from 6,000 #Cryptocurrency, only 1 or 2 or a handful that can survive,” he said.
Furthermore, Rajan stated that many people who held Crypto assets would be disadvantaged by central regulatory bills, adding that most Crypto only had value because there were bigger fools out there who wanted to buy.
Citing the example of the Crypto market in the US, the former RBI governor said: “In the US, Crypto is a problem of $ 2.5 trillion who really want to organize.
Some, regulators do not fully understand this industry and how to regulate it.” Rajan’s comments came a day after the government Saying that it will introduce a bill that talks a lot to regulate and limit the country’s cryptocurrency.
Cryptocurrency and regulation of official digital currency bills seeks to forbid all except some personal cryptocurrency to promote the underlying technology while allowing official digital currencies by the RBI.
The bill, if it passes, will effectively ban people from transacting in most cryptocurrency.
This announcement triggered heavy sales in the country’s digital currency market, because investors were looking for a position out despite losses, traders and investors said.
Some exchanges face deposit challenges and withdrawals due to high sales volume, said Cryptocurrency trader.
Wazirx, one of the biggest Cryptocurrency exchanges in India, said earlier on his official Twitter account that it was investigating reports that users faced delays on their applications and websites.
That then said the problem was resolved.
An estimated 15 million to 20 million Cryptocurrency investors in India, with total Crypto ownership of around 400 billion rupees, according to industrial estimates.
There is no official data available at Cyrptocurrency Holdings and user base.
(With input from the agency)