Bitcoin and other major cryptocurrencies are down substantially after India has announced a crackdown on their trade

Cryptocurrencies are not regulated in India, the second largest country in the world by the population after China. India holds a significant share of the cryptocurrency market, accounting for about 10% of all Bitcoin transactions.

The government will now either pull out a legislative mechanism or make appropriate changes in existing legislation to ensure that the trade and negotiation of cryptocurrency is illegal and penalize entities and individuals who are involved in their trade and circulation
Monish Panda, founder of the law firm Monish Panda & Associates, was quoted by Indian media as saying.

We will have to wait and see what will be the final framework of such legislation. "