The Investor Education Protection Fund Authority of India recommends a comprehensive ban on cryptocurrency in India

According to Businessline, the Investor Education Protection Fund (IEPF) of India has sent a letter to the Ministry of Finance and Financial Services of India, recommending a total ban on cryptocurrencies in India. People familiar with the matter said the ban was designed to protect investor funds. In April 2018, the Reserve Bank of India (RBI) asked the country's banks and financial institutions to stop all cooperation and financial transactions with cryptocurrency exchanges. IEPF officials said: "Western countries are now studying India's position against cryptocurrencies."