Author: Subhash Chandra Garg

I had my first policy encounter with cryptocurrencies in 2017 when I joined the Ministry of Finance as secretary, Department of Economic Affairs (DEA). A committee led by the special secretary, DEA, had made a villain out of the cryptocurrencies. The RBI was, in any case, issuing press releases for three consecutive years, warning of the dangers of cryptocurrencies. The committee had suggested a virtual outlawing of cryptocurrencies in India. The innovation of blockchain technology, on the other hand, was the subject of policy and technology discussions the world over. Banning cryptocurrencies outright seemed like throwing the baby of blockchain…