This week was a pretty difficult time for cryptocurrencies across the globe. China has been at the frontline in line with blocking the various crypto exchanges. The other notable aspect is the fact that most of the U.S. banks have in the recent times started declining cryptocurrency purchases, a matter that is resulting in a lot of speculation around the globe.

In the meantime, the Indian finance minister Arun Jaitley has moved ahead to state that the country does not in any way recognize Bitcoin as a form of as legal tender and he disclosed that while unleashing the national finance budget.

He went further to say that they were going to commit themselves to penalizing crypto payments, a matter that has not been received pretty well by the various cryptocurrency investors and enthusiasts.

The minister’s statement resulted in a huge impact on Bitcoin since it fell to a two-month low of less than $7,000.

A person familiar with the most recent developments said, “Jaitley’s comments managed to invoke doubts in India’s crypto community again about legitimacy of trading, except this time, authorities have decided to steer the debate clear of controversy for good.”

It was a short while after the budget was announced that the secretary of economic affairs SC Garg disclosed that the government had plans underway to establish a panel that would be examining the trading of crypto assets in unregulated exchanges. If all goes according to plan, it is expected that the panel might proceed to make the submission of its report before the end of March 2018.

The head of the Blockchain and Cryptocurrency Committee (BACC) of Internet and Mobile Association of India (IAMAI) Ajeet Khurana is one of the persons in India that have been struggling enlighten people on cryptocurrency and all it comes along with in the country.

It was in a recent interview that Khurana outlined that he was quite pleased about then fact that cryptocurrency had been mentioned in the reading of the countries budget by the influential minister. He expressed much optimism for the future but we will just have to wait and see.