During a virtual event organized by industry body Assocham, former Finance Secretary Subhash Chandra Garg, said that the Indian government should regulate cryptocurrencies instead of prohibiting. Garg headed the interministerial committee (IMC) that drafted the cryptocurrency bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.” cryptocurrencies were competing with India’s national currency at the time when he drafted the crypto bill. But now he believes that cryptocurrencies should not be banned.