It does damage also to cryptocurrency awareness and adoption. Most people in globally believe in central powers. That is why we have modi bhakts, and the likes of asaram bapu and ram raheem shaitan. The average person needs direction and solutions from a central authority, a govt. that can keeps the best interests of the country in mind and can lead the people to prosperity. That is why in sports, we have team captains, and companies have ceos for faster decision making, decisions that reflect the best outcome and majority opinion.

When a govt authority bans bitcoin, it reduces credibility of the crypto asset. And unfortunately, returns aside, we need crypto and blockchain technology to have wider adoption for things to improve and become efficient. To reduce banking scams and misselling. P2P channels help overcome the current ban but for wider adoption, we need regulation and infrastructure (exchanges and wallets) to make transactions using crypto super easy. Escrow, p2p are still complicated things for the average person that doesnt know what bitcoin is.

I have no need to try p2p, i have access to exchanges and cfd contracts on crypto but i hope adoption goes up in india. This is a new technology and i hope we can create a world leading blockchain project out of india. An equivalent of apple or msft.. a tech company, not a tech outsourcing company.