Amid various news and conclusions about the statement made by Indian Finance Minister Mr. Arun Jaitley in Budget 2018 session that Govt of India doesnot recognise cryptocurrencies as legal tender , Ajeet Khurana the Head of the Blockchain and Cryptocurrency Committee of India (BACC), clears that FM never meant that cryptocurrencies are illegal.
“The government does not recognise 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,” Arun Jaitley
What the Finance Minister might be saying is that cryptocurrency is not considered to be a part of these payment systems. Similarly, gold is not part of a payment system, but people still barter assets like gold for goods, as long as both parties record the transaction. It is an asset barter transaction. – Mr. Ajeet Khurana