Budget 2018: End of the road for cryptocurrencies in India?

Investors who were looking for some kind of legitimization for cryptocurrencies in India will be disappointed with the Budget. In his Budget speech Finance Minister Arun Jaitley stated that the Government of India doesn’t recognise cryptocurrencies as legal tenders. He further stated that the Government will take all measures necessary to stop usage of these virtual currencies in financing illegitimate activities or as part of the payments system. Few weeks before the Budget, the Finance Minister had advised people against the usage and investing in cryptocurrencies after equating them with Ponzi schemes. Although no specific ban on Bitcoin