As like other Asian countries India is on "HODL" to the introduction of cryptocurrencies. As on 1st Feb 2018 Finance minister of India spoke on behalf of the current government and said that they will not accept cryptocurrencies as a payment system in India But they will like to embrace technology behind it. i.e Blockchain.
Exact words of Arun Jaitley ( Finance Minister of India) :-
"The government does not consider cryptocurrencies as legal tender or coin, and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities".
Words on Indian Exchanges:-
There is no Specific comment on banning exchanges operating in India. So no worry for traders.
Finance Minister said that cryptocurrencies is not a part of payment system :-
It may mean that Indian government recently added digital wallets to their payment system but not ready to add cryptocurrencies to settle payments for services and goods. As Dollar or Yen is an illegai payment system in India same goes with cryptocurrencies.
According to reports, the Reserve Bank of India (RBI) has a group studying whether digital currencies backed by global central banks can be used as legal tender.
Fact Time :-
1. One in every 10 bitcoin transactions in the world takes place in India.
2. Zebpay add 2,500 users every day.
3. Six lakh active cryptocurrency users in India, most of them in the 25-35 age group.
4. Rs 17,800 crore has been traded on nine active cryptocurrency exchanges.
My Other Posts:-
https://steemit.com/weissrating/@swpnl7/how-weiss-rate-cryptocurrency-explained-in-short-independent-unbiased-accurate-trusted-as-they-say
https://steemit.com/blockchain/@swpnl7/bitdegree-earn-for-learn-new-era-of-mooc-s
https://steemit.com/freelancing/@swpnl7/ethearnal-the-future-of-freelancing-on-the-blockchain-3-min-read
https://steemit.com/keywords/@swpnl7/terms-and-keywords-in-crypto-world-db890cbea27ff