Nearly 40 million investors could face a crypto ban

India tops the world in crypto adoption, but a total ban is still on the table. Despite 39 million active traders, the tax department found that a staggering 75% are failing to report their holdings. The RBI is now doubling down on prohibition, claiming the industry is a risk to national financial stability. Can crypto survive in a country where the majority of users are effectively operating in the shadows? Is the government right to push for a ban, or are they just out of touch?
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