<h1>Government Committee Recommends Ban on Private Cryptocurrencies in India, Proposes Regulation of Official Digital Currency.</h1> An Inter-Ministerial Committee, formed by the government, has submitted a report and draft bill titled 'Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019.' The committee, comprising key government and financial officials, recommends banning private cryptocurrencies in India due to associated risks and price volatility, suggesting fines and penalties for related activities. However, it acknowledges the benefits of distributed-ledger technology (DLT) for financial services. The report advises keeping an open mind on official digital currency and proposes establishing a Standing Committee to periodically review these issues. The report and draft bill are available on the Department of Economic Affairs' website.