The ex-RBI governor is ready to bet on properly regulated stablecoins, which is crypto money whose values are fixed to underlying assets like fiat currencies or commodities like gold. Rajan also recognised crypto's potential in settling cross-border payments as a real-world use case.
Former Reserve Bank of India (RBI) governor Raghuram Rajan said some cryptocurrencies may have a “potential future” as the industry gets regulated and crypto money finds more real-world use cases.
Rajan’s forecast came with the caveat that it was applicable only to stablecoins and to the promise of cryptocurrencies in the field of cross-border payments.
“I think there will be use cases that will emerge -- stablecoins, properly regulated, have a future,” Rajan said at Reuters Global Market Forums on August 25.