As quoted by Arun Jaitley, Finance Minister of India about Blockchain & Cryptocurrency in India's budget 2018-19:
"Distributed Ledger System on the Blockchain Technology, allows organisation of any chain of records or transactions without the need of intermediateries.
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 illegitamate activities or as a part of the payment system.
The government will explore use of blockchain technology proactively for ushering in a digital economy."