Being from India, I am hereby presenting the current scenario which tumbled the Indian Crypto Market.
Below I am summarizing the real picture as in current state:
1. There is NO Statement about "BAN" over Virtual Currencies.
2. Reserve Bank of India ordered Banks not to allow FIAT deposits to Crypto Wallets.
2.a How this will affect Indian Crypto Market:
2.a.i Investors will not be able to make FIAT (INR) deposits from there credit card/debit card/bank accounts to Indian Crypto Exchanges.
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This is already in picture since december, there is nothing new to it.
Withdrawals are still possible.
2.a.ii On a positive Note, there are statements about India issuing there own digital currency which will be allowed for usage by-side to the existing paper currency. This will be a revolutionary step for "DIGITAL INDIA"
2.a.iii There are also rumors of a government exchange establishment which will allow the above said tokens sell and purchase via FIAT. This will be exclusively managed at government level.
2.a.iv The current FUD is in temporary practice as it will give the government enough time to establish rules and regulations which are in plan since Q4 2017.
3. Earlier, there are positive statements issued by Indian Prime Minister about aggressive learning and implementation of #blockchain which will help in making of "Digital India".
Some references for Statements from Indian Exchanges in pictures:
