Last week, India’s Finance Minster, Arun Jaitley, made the following statement:
The government does not recognize 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 in India
As Forbes reports, this was reported by many as the banning of cryptocurrency in India but that seems to have been an overstatement. The issue remains gray and India has set up a panel to examine trading of crypto assets in unregulated exchanges.