It is now recognized globally that a total ban is a valid policy option. It is a distinct possibility that ambiguous or equivocal stance of regulators globally has contributed to the surge in demand and valuation in crypto products in recent years. RBI's caution has perhaps contained the damage in India. 11.
In the payments space, India is one of the few countries that protects users through two-factor authentication. Although now it is recognised as an innovative regulation, at the time RBI introduced it, about a decade back, there was a push-back and criticism.