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/Dont you think that it is very strange that all these bans and prohibitions started happening exactly in Asia? As I see European investors and traders are now in the better position. Now Indian guys that deal with crypto will start to find the ways out.