This is huge. India is 6th largest economy in the world and 3rd largest by purchasing parity.
Indians will keep their crypto, and wait for either 1) the supreme court to strike down this law 2) a new government to repeal this law.
The cat is out the bag. Politicians in every country like money. They will try to appeal to the populace by pretending to fight crypto ("it's bad for the environment!") while knowing its advantages and trying to keep them for themselves
Crypto isnt bad for the environment, it s more terrible for energy efficiency. I d rather spend what miners spend on an entire justice / police / law system to ensure contracts are trusted and enforced.
The one thing that is sure here is that when people try to collect on their newfoubd wealth, there might be some price pressure making everyone poor again.
Amazing, the excess is the same size as consumption in Sweden.
I recommend reading this article: https://www.coindesk.com/frustrating-maddening-all-consuming...
A digital-only business accepting only crypto will avoid taxes AND have it hold appreciate.
Personally, I'm waiting for an crypto-based onlyfan: it's the perfect niche: performers will decide if they want to convert to fiat, or keep their hold for purchases the government may dislike (like drugs: dead drop are an ideal use of crypto) or cashing it abroad like in lavish amenities that cater to a lucky few and only take crypto (yes, they already exist, and I can only predict them becoming more accessible)
There is a parallel economy emerging. You can deny it, but it's happening.