An article from Economic time on 12 June 2020 says,
India is looking to introduce a law to ban cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. “A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET.
A high-level government panel, in July 2019, prepared a draft law providing for a ban on all forms of private cryptocurrencies. It had suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.
Don't know how to react! This is bad and sad! India is already struggling with freedom of speech under Modi government and now it seems to include financial freedom!
Ref:
https://m.economictimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cmsIt took 3 years for the RBI case to come to a conclusion and receive a judgement from the Supreme court.
Now since they have proposed a ban and have drafted a bill, I am sure that it will take a few years before another judgement is announced. So I guess it would be a bad idea to worry about it from now itself since India is already suffering from so many issues. Banning crypto while the financial condition and economy is already weak would seem like a bad idea.