• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Former Top Central Bank Official Tips Cryptocurrencies To Co-exist With Upcoming State-Owned Digital Currencies
Former Top Central Bank Official Tips Cryptocurrencies To Co-exist With Upcoming State-Owned Digital Currencies

Former Top Central Bank Official Tips Cryptocurrencies To Co-exist With Upcoming State-Owned Digital Currencies

August 21, 2020 by Yvette Mwendwa

Former Governor of the Reserve Bank of India, Raghuram Rajan, sees the future of Bitcoin and Libra cryptos long after central banks around the world start issuing their own digital currencies. In a formal statement to CNBC on 19 August 2020, the vocal economist speculates that Bitcoin will work side by side with Central Banks digital currencies.

Rajan, who currently serves as the finance professor at the University of Chicago, is famously known for his on-point prediction of the recession of 2008. He is also fondly remembered for championing the economic revival in India for the past ten years. Rajan again has predicted a good future for Cryptocurrencies, but he insists they are not ideal for replacing fiat currencies.

Private digital currencies in direct competition with upcoming state-owned digital currencies

Rajan sees private digital currencies competing with central banks digital currency.  Besides, the former top banker also sees a lot of value in Bitcoin, which he compares to gold. However, Rajan, comparing Bitcoin to Libra insists that bitcoin is more or less volatile, so predicting the crypto will mostly be used as a store of value rather than as an alternative currency like Libra. He also insists that Bitcoin has value, mainly because other people think it has value.

Rajan again backed Libra to be more as a transaction medium since it is designed to be tied to global currencies. This means that Libra consortium would roughly translate to either one euro or dollar, for instance, if approved.
Rajan also expressed concerns of his own on handling the users’ data. Rajan is against governments tracking the users’ data when, eventually, the state-owned digital currencies come into play.

More central banks are gearing towards exploring digital currencies

More central banks around the world are venturing towards exploring the digital currency space. The people’s Bank of China is already conducting pilot tests for its digital currency. The Central Banks of Japan, Britain, Switzerland and even Sweden have also teamed up with the Bank of International Settlements to assess the possibility of digital currencies and how they will be incorporated for use.

Filed Under: News

Primary Sidebar

Recent Posts

  • SUI Price Prediction July 2025: Analysts Split Between Bullish and Bearish Trends July 17, 2025
  • BNB Enters Stock Market Game: Windtree Leads With Bold NASDAQ Strategy July 17, 2025
  • Bitcoin Faces Price Risk as Miner Transfers Spike to 2.7 MPI: Report July 17, 2025
  • Ethereum Price Soars 50% as Wallets Hit 152 Million and $4K Targets Emerge July 17, 2025
  • Binance, OKX, Bybit, and Bitget Shine as Crypto Market Recovers in Q2 2025 July 17, 2025

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2025 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.