Govt of any country in the world would like to put some measures or control over cryptocurrncies but it's not that easy given the de-centralized nature of cryptocurrencies. Govt might ban use or trading of cryptos but that won't put 100% restrictions on cryptos. People will find ways to invest in virtual currencies. What more govt can do is to regularize it with some rules. That is pretty possible and mostly Indian govt will also do the same in future.

Let's see if govt of India comes up with any innovative idea to regularize cryptocurrencies.