Raghuram Rajan compared the recent mania in the crypto space to the Tulip mania of the seventeenth century.
He also spoke about how the regulators have been finding it really difficult to deal with the booming sector.
On Wednesday, November 24, the former governor of the Reserve Bank of India (RBI) – Raghuram Rajan – said that only a handful of the existing 6000 cryptocurrencies in the market will survive in the future.
The comments came just at a day when reports emerged about the Indian government planning to ban private cryptocurrencies. On the same day, Bitcoin (BTC) and other major cryptocurrencies corrected more than 10 percent on Indian exchanges. The government will introduce the bill next week on November 29 during the winter session. The lack of clarity has created major confusion among Indian crypto investors.
Read More: Bitcoin drops 17%, Ether 12% in India as new bill signals crypto ban
In an interview with CNBC TV-18, Rajan said:
If things have value only
