Cryptocurrency is a type of virtual currency, which is not regulated by a central authority and is protected by cryptographic encryption techniques.  Bitcoin, Ethereum, Ripple are a few notable examples of cryptocurrencies. As of February 2019, there were more than 2,000 cryptocurrencies across the world, with a market capitalisation of approximately USD 120 billion. However, there were growing concerns on the regulation of virtual currencies and a Committee was formed to suggest possible reforms. The Committee recommended that all private cryptocurrencies should be banned in India. Correspondingly, the Committee proposed a draft Bill banning cryptocurrency in the country.