There are about 15 cryptocurrency exchanges in India.Heads of Indian exchanges said the government had simply reiterated its stand and that it has been more concerned with the potential for cryptocurrencies to be used to hide black money. The total revenue of the top 10 bitcoin exchange in Indian is estimated to be about Rs 40,000 crore. The industry has tried to self-regulate with the use of e-KYCs to authenticate users.“Cryptocurrency was never legal tender in India. US Dollar is not legal tender in India, likewise Cryptocurrency isn't. We are just promoting the trading in cryptocurrency through Indian exchanges.

Source: Economic Times February 01, 2018 10:30 UTC