Dear one. While the Finance Minister of India said that they do not support the crypto currency as a legal tender. This means that cryptocurrency can not take the place of National Currency which is the sovereign right of a Government. However he also mentioned that even gold is not a currency but it is being bartered with other goods. This indicates that he realises that the Crypto currencies have their intrinsic value and thus purchasing some goods or service in exchange of crypto would also be equated with a barter system. Barter system is prevelent in society even from the time the primitive form of currency came into existence. Basically crypto currencies are being looked as a threat by nations to their sovereign power to issue and control national currencies.

However the Finance Minister also mentioned and accepted the importance of Blockchain technologies. I have heard somewhere that a Big Bank has already started using Ripple for its international payments. It is a transitional time and naturally would a rough ride for cryptos. Basically it is a disruptive technology which is a direct threat to the legal currencies of the nation. being in the virtual world it also can not be controlled by national boundaries.

Givernment of India has already appointed a high level committee comprising of SEBI , RBI and Government Representative to study and suggest the path to be followed for regulating/ banning/legalizing this thing.

However this is a movement which has taken a gigantic proportion and can not be ignored by anyone. Being in virtual world, as I said, It can not be controlled by anyone. Therefore the logical decision of the Governments all around would be to accept its existence and start regulating this thing so that illegal transactions are curbed. Australian Government has already issued guidelines for taxing earnings from Cryptos. https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/

This is the future. One must hold on to it. Only one has to wait.

Please refer my earlier post here https://steemit.com/india/@mss1908/tax-dilemma-of-cryptocurrency-trading-in-india
Cheerup fellas :)