Cryptocurrencies have a ‘potential future’ : Former Indian RBI Governor

Former Indian Central Bank chief says Cryptocurrency should not be considered from the point of prices. There can be a better use case. 

Raghuram Rajan is ex governor of Reserve Bank of India. He is also the former chief economist at the International Monetary Fund. Mr. Rajan shared his point of view on crypto assets on the Reuters Global Markets Forum on Wednesday.

Raghuram Rajan said that, price of Crypto assets are highly volatile but still they have better potential and better future. 

According to Raghuram, crypto assets should not be considered from the point of price. Because the price of Crypto assets are highly volatile but if we can see the use case of crypto assets then that can get a better result. 

And also Mr. Raghuram considered the price of many coins ( Bitcoin and Ethereum) increasing rapidly but there are ways which are open to implement the use of such things. Like we can use in the cross border transactions. 

“Cross border payments are one area which is wide open, because of the huge transaction costs of making cross border payments”

Raghuram also considered Bitcoin and said that I am not claiming that Bitcoin’s price is going to boom next day but if we can see the proper use case in future then it can give better results but we have to go through the Monetary policies.

“Yes, some of them have value because they have value, and maybe that will persist. I’m not going to say that Bitcoin is going to implode tomorrow. But I will say that I would be much more confident about the value of these cryptos once they find proper use cases, and the technology is evolving to make that happen,”

Mr. Raghuram Rajan shared his point of view on the Stablecoin coins also and said that quick action needed to regulate the stablecoins. 

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