Indian population is the least educated in Bitcoin and Blockchain as of my current point of view. Every day I see a lot of people from India losing money in Crypto and NFTs and then they are supposed to hate bitcoin and Cryptos and spread false information about the same in their social circle. Also, the cryptocurrency exchanges in India have not been friendly to their users in this environment. The only survivors are the people who research in Blockchain or have at least 40-50% knowledge about Bitcoin/Blockchain. The current state of the Indian crypto market is bad, even my social friends believe that if the government bans Bitcoin then it is game over. I do not understand how can they ban Bitcoin, Please share some insights regarding this "BAN".
The legal status of bitcoin is still unknown in India. That's the reason why there is no investor education program available yet. Even though we have a number of crypto exchanges available, they are still unaware about their legal status and will move out of the country if government decides to ban bitcoin. Just like Zebpay did. But that's not the basic problem here.
Since there is no formal legislation available for crypto in India, crypto exchanges are advertising bitcoin as the greatest investment of the decade. They are completely ignoring the technical aspects of it and never trying to educate the customers. However, I believe a friendly regulatory framework will allow us to come out of this situation where crypto education will be made mandatory for each of the investors.
I still doubt India will go ahead with a blanket ban, but given the nature of the current government, it may also become a reality.