Btw they have mentioned that crypto currencies are similar to Ponzi scheme kindly check the link that I've attached
Btw let's hope for something good they shouldn't ban crypto currency
The article talks about "unregulated deposit schemes including Ponzi schemes and the ones linked to cryptocurrencies".
This regulation has been a long time in the making because of the chit-fund scams and MLM deposit type scams that cheat gullible people out of their money.
Such schemes "linked with cryptocurrencies" are your typical scams run by Indians like
Amit Bhardwaj and his associates. There are lot of others going on in Tier-2 cities. Sad that when we Indians learn something new, the first thing we want to do with is to try and fool as many people as we can. LOL..Human nature probably.
The targeted deposits may also include fraudulent ICOs or maybe all ICOs.Thats the reason most Indian ICOs are being conducted from Singapore etc.
All in all, this is NOT a ban on crytpocurrencies. Even if they do, you can continue your interactions without worrying about Fiat conversion.