This question does not have a plain vanilla answer in ‘yes’ or ‘no’, as the government and the central bank still look unsure as to how to deal with this new-age phenomenon. In 2018, The Reserve Bank of India (RBI) came out strongly and kind of banned these tokens in India. Then in 2020, the Supreme Court of India reversed the RBI ban. That move was welcomed by the crypto exchanges and investors throughout the country. After this, Indian banks have tried to curtail transactions with crypto-exchanges as, in their view, they are governed by RBI. But later, RBI mentioned that banks cannot quote its 2018 ban to customers as it was overruled by the Supreme Court, paving the way for crypto trading to continue in India.
The scope of the operation is not unlike the search for new prime numbers, which also requires tremendous amounts of computing power.

That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.
Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.