Cryptocurrency ban in India was a last-minute decision

The central government’s stand on cryptocurrency recently went from “regulation” to “blanket ban”. The record of discussion of the Inter-ministerial Committee (IMC) released its recommendations stating that the change of heart was brought about due to objections from the various regulator.

Under the chairmanship of Economic Affairs Secretary Subhash Chandra Garg, the committee initially pushed for accepting cryptocurrencies or virtual currencies as an economic phenomenon, arguing regulation would be more beneficial than imposing a blanket ban.

During the first meeting held on the November 27, 2017, the committee agreed that the decision to ban the use of virtual currencies would be challenging to implement and could even drive some operators underground. The minutes of the meeting also detailed a “blanket ban” could encourage the use of virtual currencies in illegitimate purposes.

According to a report by the Business Standard, the committee initially…