This is not really good news for India, I think people will refrain from investing in it for huge taxes. This could hinder the progress of cryptocurrency. Even then, a Member of Parliament from India has been thinking positively about it. He has already spoken about it in Parliament. "Government doesn't understand Crypto hence the strictly regulations": Priyanka Chaturvedi
Indian government is not in favor for crypto in the first place so don't expect any positivity from there government because they only doing the tax law to control there citizen for using cryptocurrency. India government is very strict when it comes to there economy. This is really a bad news for crypto userin India but it's much better than completely banning cryptocurrency to there citizen. India is not prepared for crypto acceptance like EU so we should expect this kind of news or more harsher law to moderat crypto use in the future.