So, I am following this news closely as well. My take on this is that every time India comes up with something like this, they are always thinking about the past. In February 2021, the bill that was supposed to be tabled was outdated and did not consider any of the advancements that crypto has undergone since 2018.

Now again, from what I read, there has been no mention of the utility of crypto. For example, they still view Ethereum as just another currency out here to compete against INR. What they fail to understand is that ETH is much more than just a currency! If they end up banning ETH, what would happen to all the smart contracts? We cannot interact with smart contracts, NFTs, or even the metaverse without having access to these tokens.

Even if they do decide to go ahead with the blanket ban, I have a strong feeling that someone would challenge the bill based on how immature this is going to be. Additionally, their whole argument of Bitcoin being a currency would also be invalid now with the Taproot upgrade in place.

I feel that instead of having a few financial people setting up the rules, they need to also bring in a few techno wizards to the team and then come up with a bill. This is just another nonsense move to get their buddies to buy some real good crypto at a discounted price.