It appears to be the end of the road for cryptocurrencies in India.
Finance minster Arun Jaitley, in his budget speech today (on 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 a legal tender and will instead
encourage blockchain technology in payment systems.Read the Complete story here -
Cryptocurrency to be Banned in IndiaThis is exactly their problem and any government of today they all recognize the importance and how ingenious the blockchain technology is but because bitcoin is something they cannot control, they will continue to wage war against it. I see a lot of multi-nationals deploying this technology to their activities in every areas that promote transparency and real time efficiency that most companies rely upon.
However, its a good news in the sense that so far the blockchain is still being deployed to solve the economic problems of companies and countries, bitcoin will continue to be relevant whether they accept it or not.