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Private Crypto Entrepreneurs Motivated By Personal Fortune: Subhash Chandra Garg

Garg’s blog post, titled ‘Currencies will be digital; crypto-currencies will not survive’, spoke about the volatility of Bitcoin as the major blotch of digital currencies. He added that there is no pre-assigned value/ denomination of these private crypto-currencies and their price fluctuates depending upon demand and supply situation. Meanwhile, the Reserve Bank of India (RBI), said in December 2019 that it is planning to develop India’s own digital currency. RBI said that it is seriously thinking about developing a sovereign digital currency in the country and will be releasing it appropriately. However, the RBI’s stance on the ban of private cryptocurrency still remains the same.

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