Some context to note: * The RBI (Reserve Bank of India) Governor and Deputy Governor have, more than once, publicly expressed the view that all cryptocurrencie

Some context to note: * The RBI (Reserve Bank of India) Governor and Deputy Governor have, more than once, publicly expressed the view that all cryptocurrencies should be banned for all purposes. A few years ago the RBI even instructed banks not to work with cryptocurrency exchanges, but that was overruled by the Supreme Court two years later with the justification that there was no law to do that and that this action was disproportionate. * The Prime Minister of India, Narendra Modi, has publicly made statements that cryptocurrency is “spoiling the youth” and that all countries should come together to control (which in his view is banning) them. * In the recent annual budget announcements, the finance minister announced an unexpected 30% tax on all income from “virtual digital asset transfers” without allowing any set offs (except the base cost). Also added was a 1% TDS (tax deducted at source, or tax withholding) for every transaction calculated on the transaction amount! Given these biases against cryptocurrencies and the strict need for capital and current account controls on Indian Rupee transfers that the RBI is addicted to manage (it actually prefers a steadily but continuously depreciating Rupee), it’s not a surprise that public utterances about macroeconomic stability would be published as a stance. The RBI and the Finance Ministry have been struggling to get a grip on the economic levers (with COVID making it worse), and believe that anything they cannot control easily is a threat to them, first and foremost. The Indian government is more focused on protectionism and controls than on capitalizing on opportunities.