Former Indian Finance Minister: Cryptocurrencies are not a commodity with intrinsic value

Former Indian Treasury Secretary Subhash Chandra Garg has long been outspoken about cryptocurrencies and has also played an important role in drafting the country's cryptocurrency policy. Garg recently published a new blog post on "Cryptocurrencies will be digital; cryptocurrencies will not survive" on crypto and digital currencies. In this blog, he discusses not only the evolution of the currency, but also the future of cryptocurrencies. He wrote: "I believe that the future of private cryptocurrencies will be very short-lived … If today's valuation is close to $ 200 billion, the magic of cryptocurrencies must have created some billionaires, obviously at the cost of many people buying these Valueless code. "Subhash Chandra Garg pointed out that cryptocurrencies are not a commodity with inherent or universally acceptable value. In addition, since the number of cryptocurrencies is almost unlimited, according to the logic of economics, these currencies are worthless because their supply far exceeds demand. He concluded in his blog that only a few cryptocurrencies are for fast and cost-free international payments, while many other cryptocurrencies are just for making money fast. Garg acknowledges that decentralized ledger technology is "good innovation", but claims that using this technology for trading purposes is a waste and does not justify the private use of it to create cryptocurrencies.