Cryptocurrencies are illegal in India. All the 3 agencies of the government (Finance Ministry, RBI, and SEBI) have unanimously spoken out against it Recently, the founders of Unocoin were arrested for setting up a Bitcoin/Crypto ATM. All other well-known crypto startups have been outlawed. Their efforts to fight it out in the courts were futile. I personally believe that the hype around cryptocurrencies is very shallow and is based on the enthusiasm of the American youth who has little to no idea about how the currency systems work. I have written quite a bit about this on Quora but there's not a big enough audience there for this topic. The propaganda that the governments can simply print money whenever it wants is totally false. If they do, then there are negative consequences as well. It depends on a lot of complicated factors which are unexplainable to a crowd that is just rebellious and wants to replace the system with something NEW. Historically, the monetary systems were based on the gold standard which ultimately puts an upper cap on the total supply of money. However, such a system is deflationary. That's not a good thing either.
In the larger scheme of things, the holdings of cryptocurrencies are largely concentrated with the promoters and the so-called whales who must be probably looking at every rise in the prices as a big selling opportunity. By the time they unwind their large positions, the prices will be much lower than it is today IMO. More than 95% of the cryptos are based on run of the mill startups which are looking to ride the hype as much as possible or have become consumed by it. Either ways, Bitcoin was supposed to be a currency right? But then it turned out to be an asset because nobody wants to use it as a medium of exchange.
P.S - I'm sorry if my post is out of context. I feel deeply about this subject and saw an opportunity here!