Lots of people have been panicking over this news without reading what it is.
The finance minister Arun Jaitley said it is not legal tender means government will not get involed or you wont be able to make a case or claim in case the buy and sell of goods and services goes south.
That does not mean it is banned in india you are still able to trade and hold on exchnages and deal in crypto.
All government said is that it is not legal tender like curreny we have in india.
Hope this clears the misunderstanding people have.