Jaitley stated, "The Indian government will take all measures to eliminate the use of crypto-assets in financing illegitimate activities".
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However, the minister said, the government would explore use of block chain technology proactively to speed the move toward a digital economy.
For the longest time, cryptocurrency traders have been suggesting that the government should make this possible in a legitimate way, where innocent people aren't cheated.
There has been a lot of confusion on the Indian government's stance on cryptocurrencies over the last few months.
Since the news from India bitcoin's value has dropped below $10,000, to $9,490, representing a 7.84 percent drop in 24 hours, according to CoinMarketCap.
The South Asian nation's income tax officials had started investigations into transactions at various illegal Bitcoin exchanges in December, soon after the country's central bank cautioned users about potential risks.
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Bipin Preet Singh, Co-founder of e-wallet MobiKwik, said that "the government should consider regulating cryptocurrencies than curbing their use entirely".
"In addition, the government has recognised the viability of blockchain technology that powers cryptocurrency".
New York-headquartered MonetaGo works with financial institutions and central banks around the world to provide private permissioned blockchain and distributed ledger technology solutions for supply chain financing and fraud prevention. There is NO BAN in India on digital currencies.
Although the finance minister didn't provide any details about how the government is planning to utilise the blockchain technology, industry experts believe that its adoption can be encouraging for the micro, small and medium enterprise (MSME) sector.
"The announcement on the crypto currency by the FM should not be misinterpreted to mean the cryptocurrency is going to be discouraged by the government".
"It is necessary for the government to take a stand at cryptocurrency trading in the market. The intention is more likely to regulate the circulation to avoid its usage for illegal transactions", noted Rashmi Deshpande, Associate Partner, Khaitan & Co, a leading law firm. Therefore, it is advisable to not involve in illegitimate activities.