What is the use of such tactics to hide VDA tax using a loophole in the law?
Selling point maybe? Kinda cheeky, but it works I guess.
The government would come up with an update on the current law and then what will happen to the users. There was a time when such tactics were used to manipulate the stock market. The government at that time was helpless as the technology was primitive and India was struggling economically and we all know what happened later on who were in jail and who were not.
You can see how Deltin operates its casino, it ridiculous what loophole they are using. For readers, who are unaware, land-based gambling is unethical in India, so Deltin built its casino on a cruise ship and put in their middle of the water so that they can use the loophole and allows gambling. It a nice place to visit in Goa, I might when I get time.
Its similar here, they are businessmen and they are taking advantage of the situation. In other words, it is how they show a middle finger to the government's idiotic policies.
Already there are many issues that the crypto community is facing in India and the future option does not look so bright for the future.
I would not be pessimistic about it because as the superpowers continue to adopt crypto, India will be forced to do so too.