Crypto Ban In India : Why government wants to regulate ?

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Governments around the world are eyeing Bitcoin's advance warily because it has the potential to upend the existing financial system and undermine their role in it.

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Crypto's can circumvent government-imposed capital controls and its state-less nature can lead to uncontrolled outflow of currency.

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Crypto ties to illegal activity. The ability to bypass existing financial infrastructure for a country is a blessing in disguise for criminals .

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Government wariness about the cryptocurrency can be partly attributed to fear and partly to the lack of transparency about its ecosystem.

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Cryptocurrencies do not maintain your records. Nobody knows who the seller or the buyer is, and that is a real danger. This anonymity can give rise to terror funding and money laundering.

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Ransomware attacks on big companies have happened where cyber criminals have demanded cryptocurrencies as ransom so that they wouldn't be identified or tracked.

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You can't reverse a transaction. You can't file a complaint unlike an RBI controlled mechanism which has ombudsman. It's difficult to tax Bitcoin and that is a loss of revenue to the govt.

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