The Indian government says that they do not regard crypto as a legal tender and will try to remove payments by using coins like bitcoins.
In a meeting yesterday, Jaitley renewed India's commitment to end use of BTC and other cryptocurrencies in what he said was India's struggle against money laundering and terrorism financing.
He said: "The government does not recognize crypto as a legal coin and will take all measures to eliminate the use of this crypto asset in funding unauthorized activities or as part of the payment system".
But he did not rule out the possibility to see more blockchain technology.
He said: "The government will explore the proactive use of blockchain technology to deliver the digital economy."
Bitcoin prices in India are exchanged consistently higher than those of international ones, mainly because the Indian capital control system makes it difficult for residents to buy BTCs abroad.
According to Sathvik Vishwanath, founder of Indian bitcoin platform Unocoin: "Bitcoin trade has increased in recent months. Early last year we gained about 10,000 new users every month. "
If the digital currency finally faces a ban, it could mean a decline in sales that could lead to the sluggish price of Bitcoin.