Since 2013, various warnings were issued by the RBI through its press releases regarding the potential risks of the use of cryptocurrencies to the financial system of the country. The Inter-ministerial Committee on February 28, 2019, had also released a report recommending certain measures in relation to cryptocurrencies, which included a complete ban on private cryptocurrencies. Bitcoin Billionaire committee had also prepared a draft bill known as Crypto Token and Crypto Asset Bill, 2018.