Indian government's reluctance and sluggishness to regulate cryptocurrency will have great telling on Indian economy. Cryptocurrency is indispensable in a foreseeable future of a decade or so. Even if he government is so skeptical on DeFi or self-custodian banking, it should embrace it's citizens' desire and pursuit. Blockchain inherent trait is traceability. More than 10% of fraudulent transactions and ML ( money laundering)are in reality ,happening on traditional banking or finance whereas only about 1% the world is witnessing ML in crypto world.
Sometimes it seems the Indian government is exercising it's superciliousness or highhandedness just because it's in power. The government should rather exhort and incentivize true-blue and willing citizens who are voluntarily adhering to the regulatory systems incorporated by the government. India is much acclaimed as the fourth largest economy in the world. But the strictures and ambiguity on the crypto roadmap have really dampened the image of the current regime. Either outlaw crypto totally or regulate it.