Cryptocurrencies are gaining popularity the world over but the Indian central bank and the government are not warm to the idea. Crypto fans have been pitching it as an asset, but not as a medium of exchange. The reluctance of RBI and other authorities stems from the fact that cryptocurrencies are not regulated by a central authority. RBI also fears its larger implications in the financial system and possible misuse by fraudsters and terror outfits. The government, in fact, has already started working on a bill that seeks to ban cryptocurrencies. RBI, however, is open to the idea of a central bank digital currency.