India is a democracy though, isn't it? They can lobby the government and regulators.
(In fact lobbying by silicon valley and the futures exchanges is the reason the Americans haven't banned bitcoin).
LOL Yes!! India is the largest democracy.
Silicon valley and future exchanges must have had a lot of leverage. Silicon Valley has been betting big on blockchain and bitcoin. In Indian on the other hand, their is hardly any institutional presence in terms of blockchain innovation. Unlike China, there aren't any industries related to bitcoin.
It's mostly the hardcore users who were minuscule in numbers just a year back. Most of the numbers have swelled because of ordinary people jumping in for gains. A lot of them were scammed by a guy in his 20s by being sold fake tokens in return for BTC. One of the main exchanges is in fact run by some of the Indians who were active at the forum through these years.
There are petitions started on the internet and most of the big exchanges are also trying to clarify their positions. We can only wait and watch for now.