This is very cool news indeed.
Hopefully, we will get to see an interesting chapter unfold once some form of regulatory comes into place.
It'd be great for exchanges but only delay cryptocurrency's true usage & would reduce it to cashless money which RBI is already pushing with Rupay, Aadhar-enabled-payments etc.
Nevertheless, it will only delay it..eventually the power would unleash through foreign startups (like India missed the boat with internet infrastructure too e.g. facebook & whatsapp won) and then India will HAVE TO do away with regulation.
Anyways, a blockchain/cryptocurrency cannot be bounded to a geography by definition, so at best RBI can improve current systems. Cryptocurrency is a fundamental technology & only "new" revamped systems can take its advantage; current systems cannot be juxtaposed on a blockchain.
