Interesting news. It is good that India has created a lot of decentralized alternatives through Polygon, so they aren't completely excluded, though I do wonder if any of these are main onramps for anyone in the country or if local exchanges still serve as the main onramp.
This is not about bitcoin. Not supposed to be in bitcoin discussion but on exchange board.
The government of any nation will always want its citizens at its mercy, decentralised systems that doesnt need the government's approval is a threat to them. I hope that they will consider their citizens that make a fortune out of this market
All the exchanges mentioned are not decentralized but centralized. Most of the exchanges will even require KYC before you can trade on them. Also the exchanges do not give you any key, they have and own all the keys.
Well, one could argue that it indirectly effects Bitcoin as now the main pair on all of these exchanges are likely to be Bitcoin, and without volume from India on all of these exchanges, liquidity and volume from this geographic on 9 different exchanges will diminish until/unless they find an alternative.