I am from India (aka Bharat) and these recent remarks from our Govt. are very strange and contradictory! I will clarify what I mean:

Strange because our finance minister said "... will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of payment." Well the cash is also used to do 'illegitimate activities' and so does the internet so does it mean we try to choke their utility! Here clearly our people in Govt. (generally very poor in tech understanding) don't have the grasp of the utility of cryptocurrencies.

Contradictory because in Nov, 2016 our Govt. had famously taken away the Rs 500 and 1000 currency note circulation from market on a short notice and later encouraged use of Digital transactions, and till today they are tying to encourage cashless transactions and cryptocurrency facilitate that exactly then why such mixed signals! Also people of Bharat pay over 1 billion USD in taxes while trading in cryptos which is a decent amount for 'taxman'.

These kind of statements and selective reporting from foolish 'mainstream media' is creating unwanted FUD in our country and it is having domino effect at global markets.