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RE: Ban All Crypto ‘Dealers’, India Committee Reportedly Tells Government
But if they have to pay a premium and possibly face criminal charges themselves why would they use bitcoin at all?
The only reason I can think of is to make illegal purchases on dark markets for things like drugs. If bitcoin is just being used as a means to buy stuff from the dark markets then it's usage overall will go down there and overall demand in that region should fall. If it's enough of a hit that may spill over into global demand and price dipping.
I'm not sure how much volume India represents
They are probably using it as a hedge against inflation. I believe the government took away their large denomination bills. BTC could also be used to store value and wealth, and for speculative purposes.
There are plenty of legal ways to store wealth.