I think crypto currencies are still not banned in India precisely because the prime minister seems to be a really tech loving person. Hint: Digitisation of all government interactions.

If it would have been any other government, they would have already banned it thinking, "How come common Indians get to become rich like us?"

Don't you think there might be a reason why they are only warning people about the risks instead of outright banning it. You think if they wanted to ban everything they couldn't do it in one day?