I believe the main concern for the Indian government is the outflow of funds through cryptocurrencies. These transfers could be for legitimate transactions; but could also be used to hide illicit and untaxed transactions arising from fraud and corruption. When governments don't really understand what is happening and can't figure it out fast enough, their knee-jerk reaction is to ban it. Then they relent when they realise that banning it is futile and may severely affect their projected growth rates and economic liberalisation. India is not the only country that is grappling with this issue.
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