And how exactly the Indian authorities are going to enforce this? Their stupidity is infinite.
Boot Tail OS live linux iso, make cold wallet with Electrum, write your seed words, share your wallet addresses online or whatever, shut off pc.
Where is the money? In the blockchain. People don't "possess" bitcoin, or wallets for that matter...
of course they can't effectively enforce it, but such a blanket ban would deter a lot of users. people are generally fearful of their governments and the police. if they selectively enforce it and publicly throw a few traders in prison, it will destroy the market. obviously black markets will still exist but they will pale in comparison to previously legal markets.