It's quite obvious by now that the government still doesn't have a clue about how to control the massive movement that is crypto adoption. Hence the repeated warnings about it not being a legal tender and about doing so at your own risk. Well, we all participate in the banking system at our own risk as well, considering they are planning on reaching into the fixed deposits of ordinary citizens to cover for the losses made by loaning money to billionaire defaulters including Mr. Mallya.

There may soon be special GST and specific tax for crypto gains or we may once again have to fight for net neutrality if the government feels that it is a reasonable way to fight the crypto revolution. After all, India does try to emulate the US in more ways than one. We can definitely expect a few more shocking changes in the country's financial policy before everyone realizes that the government and the ones responsible for the country's economy are taking us for a ride.

Crypto adoption is definitely going to reach a frenzy in India and when it happens the government is expecting to be ready to pull the rug from under those who are invested deeply into it. It still remains to be seen how this regulation is going to happen and if there will be enough support for the revolution.

Thanks for this article. It is kind of a relief knowing that not everyone is wearing blinders to what is happening in the country.

"Never forget only dead fish swim with the stream" - Malcolm Muggeridge