No, it just means of being one of the first goverments to take control of the cryptocurrencies, which will end up making these "billionaires" worth $0 (or "come clean" by paying big taxes for their money to transfer them to the official currency), and others who continue trading or offer support for it, go to jail.
Yes, think this is very innovative approach the Indian Govt, I support it.
Very optimistic outlook for you to take towards a government which has taken even more drastic steps in the past aimed at corruption to (from what I can tell) limited effect and great disruption to non-corrupt citizens -- thinking specifically of demonetization. This seems like "big stick" policy to me, a hammer looking for a nail.
Well, I never said this will make corruption more difficult, or even that it's aimed towards reducing it.
Just that it will make cryptocurrency use/facilitation illegal, and thus prone to fines/jail time.