Shivam Thakral, co-founder and CEO of a cryptocurrency exchange in India, is concerned that a government group in the country is proposing a ban on cryptocurrencies – a move that could mean its business is coming to an end. Thakral said: "The proposal of the working group is quite retrogressive. Apart from myself, I am more worried about those who invest hard-earned money in cryptocurrencies." Vikram Pandya, head of financial technology project at SP Jain School of Management, Mumbai, said the figures Money has begun to lose popularity in India because they have no government support, and the bill that the government is studying is like a "fatal blow." He said: "In the past few months, many exchanges have closed their businesses, including unsustainable business and unfavorable regulatory environment." However, it is not clear whether the ban will take effect. It is reported that the group was led by Finance Minister Subhash Garg, who prepared a report for research by the government and regulators. It also suggested creating an official cryptocurrency, the digital rupee, to replace private virtual currency.