I am sad to see this thing happening in India, a country I considered to be ahead a lot of miles in adopting modern technologies and adhering to democratic ideas enjoyed by many in other countries. India has the potential to be a big leader in the world of blockchain and technology yet they got some leaders who are afraid of the future of money and so they assumed that allowing legit cryptocurrencies to flourish can mean that the government is going to be left out. Banning is not the best solution and millions of Indian people can suffer due to this policy. Seems to me that those in the government are not that open-minded and they are not willing to have an honest dialogue with the emerging cryptocurrency industry in India. A sad development.
Some of the biggest names in technology are from India, and examples are Sundar Pichai and Satya Nadella. But the Indian government has historically taken a stance that is against technological innovations. The situation became worse ever since the right-wing government has elected in 2014. Some of their contributions have included banning porn, and taxing stock dividends at a rate of 43%. India is definitely a leader in terms of technology, but if the current government stays in power most of the skilled people would be forced to emigrate.