Crypto collapse brings focus to digital assets' 'true value' - ex-India central bank governor
DAVOS, Switzerland: The collapse in the prices of digital assets over the past year will allow investors to focus on the"true value" of this new technology, the distributed ledger and the smart contracts that can be built on them, former Reserve Bank of India Governor Raghuram Rajan said on Wednesday .
"Fiat currencies have won out in terms of which is more credible," he said in an interview with the Reuters Global Markets Forum. Cryptocurrencies took a credibility hit in November when crypto exchange FTX, which was valued a year ago at US$32 billion, filed for bankruptcy protection in November and US prosecutors accused its founder Bankman-Fried of orchestrating an"epic" fraud that may have cost investors, customers and lenders billions of dollars.
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