RBI Forced Inter-ministerial Panel to Propose Ban on Bitcoin: Report |

The central government initially wanted to regulate the bitcoin sector but changed its stand due to objection from the Reserve Bank of India (RBI), reports Business Standard.

The Indian daily claimed that Economic Affairs Secretary Subhash Chandra Garg, who was heading the interministerial committee to study cryptocurrencies, favored regulating them. He looked at bitcoin as an “economical phenomenon” and believed monitoring it would yield better results.

The central government was initially in favor of “regulating” cryptocurrencies instead of imposing a Ban. DEA Secy Garg pressed for accepting virtual currencies as an economic phenomenon. According to Business Standard @someshjha7 #BitcoinSahiHai #IndiaWantsCrypto pic.twitter.com/QmmQWk53hS

— Sohail Merchant (@inkparadox) July 23, 2019

Garg, in the first committee meeting held on November 27, 2017, admitted that enforcing a ban on the cryptocurrency industry was difficult. He feared that the government’s crackdown on the…