Considering the crack down of cryptocurrency activities in the country,this happens o be a bold one
but from what I have seen, there has ben no "crack down" of cryptocurrency in India! what we had was the Reserve Bank of India stopping their support of anything cryptocurrency related and people switching to p2p ways of trading bitcoin.
this move is a move to make more money as long as people need alternative ways of trading bitcoin. so it is more like taking advantage of an opportunity with their outrageous fees.
But do you think this project will be allowed to operate?
I personally do not think this project will survive.
I do hope that regulations on cryptocurrency in India will loosen up.