Is it Appropriate to Ban Cryptocurrency in India?

A panel set up on higher levels has recommended a ban on private cryptocurrencies with penalties including 25 crore INR and imprisonment up to 10 years as well. The report was released by the inter-ministerial committee running under the chairmanship of the secretary of the economic affairs. The committee has also suggested the government and RBI look for an official digital currency that is original and from India. The ban will be carried on all private cryptocurrencies exempting the ones sanctioned by the government. A law is under process which would outlaw owners of cryptocurrency and put them in jail.