Indian government agency IEPFA: The focus of regulation is to ban the sale, purchase and distribution of cryptocurrencies, and holders can waive

According to AMBCrypto, the Reserve Bank of India (RBI) responded to the previously submitted RTI request and clarified that they did not participate in drafting any bill related to cryptocurrency. Although this news is a breathing space for encryption enthusiasts in the country, a new development prospect is not. According to a report, the Investor Education and Protection Fund (IEPF) Authority responded to the RTI request submitted by CoinCrunch India, indicating that an inter-departmental committee had decided in January that “the tax department and the economic affairs department could take immediate action. It is completely banned from selling, purchasing and distributing cryptocurrencies of any form and type." RTI's response also emphasized that the committee consisting of IEPF, DEA, CBIC and MCA discussed the Ponzi scheme features of cryptocurrencies.