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RE: This is India's stance to Bitcoin and it is not at all encouraging, but WORRYING!
Although the black economy in India is a huge problem, such problem is not unique to India alone. There are many other countries where the problem is more acute than it is in India and they are not being as obsessive as India. See here: https://illicittrade.com/infographics/top-10-countries-with-highest-estimated-black-market-value-in-2017/#
In my view, it would be more appropriate if India could come up with a national crypto currency like emcash of UAE and pair it with other crypto currencies of their choice. That way, they could allow the use of cryptocurrencies whilst not worrying about its effect on black economy.
The people who are coming to power are acting as if they have fulfilled the promises they made in their election manifestos. Huge amounts of black money were being hoarded in the Swiss banks and no action has been taken to retrieve them. This problem has been pestering the current Indian government to the core. This is one side of the coin.
The other side being that our people don't believe a new thing that is entering into the market quickly. They will weigh the pros and cons of that particular thing for quite a long time to check for its consistency.
There are exceptional cases too. There are some people who love to take risks and their lives revolve around those risks. But unfortunately this category people are comparatively very much less than those mentioned earlier.
Neither the Indian government nor the general public are unable to take things forward. Hence this gloomy situation for crypto in Indian market. Let's hope this scenario changes for the better in the near future.
An extensive coverage by you in regards to this topic @devann. Great work.