It appears to be the end of the road for cryptocurrencies in India.
Finance minster Arun Jaitley, in his budget speech today (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.
The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system, Jaitley said.
https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/End of the road? Cause they want to stop crime committed/enabled trough crypto? No, that is not the case. Also my government recognizes it as possesion and not currency, can change in the future but it doesn't impact crypto.