Crypto currency is in huge danger, experts fear great loss

Crypto currency is in huge danger, experts fear great loss

Crypto currency is in huge danger, experts fear great loss

"If things have value only because they will be pricier down the line, that is a bubble. A lot of cryptos have value only because there is a greater fool outside there willing to buy', says former Reserve Bank of India Governor Raghuram Rajan. It is very shocking to the experts that about six thousand odd crypto currencies exist today. In addition to his statement, he also said,'Cryptos may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved.' Notably, most of the crypto currency is just worthless, says many of the experts.

To the increasing buying of crypto currency in India, Raghuram Rajan said,'What the government can insist on is getting information from crypto entities, when crypto entities get too big, the government can examine them more closely so that there is no fraud nearby. This is a situation where at best you can send warnings to the broader public.' Experts are also fearing that bitcoins might create foreign exchange issues for India as well. Hence, the Indian government should give more importance to this new digital age system. With new possibilities, many new probys can also arise. Rajan stated,'If more people are buying bitcoins than are being mined in India, there can be an FX issue.'

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