Holding unregulated crypto is just like engaging in scam ICO or any Crypto in which the integrity is in question. I see this is a normal standard operating procedure for any government to look upon the welfare of their people specially if their hard earned money is at stake. So this is better than banning the whole crypto market specially Bitcoin.
So what crypto are you holding now? And why are you here if you wish to ban the entire crypto market especially Bitcoin that leads some crypto prices movement. There's only one regulated crypto I had ever known XRP if I don't have mistaken, the rest are unregulated cryptocurrency. If that really happens in India, there are thousands or millions of holders inf crypto should outcry to their government. But still, they can hide since crypto holder can able to be anonymous.
This isnt only happening in india but it do also happen on other countries that restricts or ban cryptocurrency and its only xrp or centralized coins that is affected but even bitcoins and other cryptos they are also all affected .
Holding unregulated crypto is just like engaging in scam ICO
An ico is regulated but not all cryptos are regulated . However if the country restricts ico or crypto , regulation shouldnt be question anymore