India’s Crypto Critic Subash Chandra Garg Says “Cryptocurrencies Will Not Survive”

Subhash Chandra Garg, the Indian official who resigned the interministerial committee after releasing the report on crypto to which the Indian crypto community calls “flawed” published another statement regarding virtual currencies.

Mr.Garg on Cryptocurrency

Mr.Garg published a new blog post, entitling “Currencies will be digital; crypto-currencies will not survive”. He details volatility of Bitcoin as the major blotch of digital currencies and elaborated that the Indian government hasn’t officially permitted the Indian payment system to allow trading and dealing in cryptocurrencies. He mentioned that the supply of Bitcoin is limited henceforth demand for Bitcoin is more “born out of expectations of speculative gains”. Concerning about the volatility, Garg wrote;

There has been some use of crypto-currencies in payments, including international transfers, but it is not gaining any traction as there is no fixed/stable value, which is the most essential condition for any…