"The government does not consider crypto currencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets...," says Arun Jaitley, union finance minister of India, while presenting the Union Budget 2018-19 in the parliament.
Finance Minister Arun Jaitley clearly stated in his speech that all cryptocurrencies, which include bitcoins, are illegal and the government will take all measures to eliminate their use.There are no regulations governing virtual currencies in India and the RBI has not given any licence to any entity/company to operate such currencies.