During his speech on the Union Budget 2018-19 at the Indian Parliament, Arun Jaitley reported that the Indian government does not consider any cryptocurrency as a valid funds. Also, the government will take measures to eliminate the use of virtual currency as part of the payments system or in financing activities.
Last month the country's Ministry of Finance already cautioned the public against investments in cryptocurrencies, calling them a ponzi scheme. The finance minister’s statement was released in a month after the above mentioned caution.
Despite the government position , this statement is likely to cause concern among traders and investors of cryptocurrencies.
However, any ban or restriction on the usage of virtual money as payment does not prohibit trading on cryptocurrency exchanges, because the finance minister did not report any ban on cryptocurrency exchanges.
At the same time, there are some restaurants and other local places which accept cryptocurrencies in India, and they might be forced to stop due to the government planning to take measures against cryptocurrency.