When the Income Tax Department raided nine Bitcoin exchanges across the country on December 13, they did so suspecting money laundering. This was far from unanticipated. In 2016, former Research & Analysis Wing official R.K. Yadav wrote a 46-page letter to PM Narendra Modi and Minister of Finance Arun Jaitley, alerting them to closed-door seminars on crypto-currencies organised by a visiting Swiss national in the capital and in Chennai.
“High-profile persons attended the seminar and when I found out about it, I wrote a cautionary note to the PM and the FM. The Swiss national was urging people to get involved with crypto-currency. It was timed in November 2016, right after demonetisation,” says Yadav.