The Crypto war is expected to escalate further since it is the war between Black money and the Indian Government and it cannot subside easily without a fight.
The Crypto supporters are now attacking the Indian stock markets and drawing it down to indicate to the Government that there will be adverse consequences if Crypto ban is implemented.
At the same time an article in Economic Times today indicates that the IPL franchisees are also unhappy that their proposed link to the Crypto companies is sought to be derailed.
We already know that the Bollywood is deeply under the control of the drug mafia which require Bitcoins and Crypto currencies in circulation. Now the Cricket franchisees are all set to corrupt the cricketers by paying them off with bitcoins. This will be most useful in match fixing since money trail cannot be found and proved in a Court of law.
It would be dangerous if Bitcoin becomes the bind between drug trade in Bollywood and the match fixing and betting in Cricket. Sooner the law is passed, better it is for things to cool down.
This is the time for the Government to fasten its seatbelts and wait out for this attack to dissipate.
Stock markets will bounce back. Genuine investors have little to fear since there is likely to be a 90 day window for them to sell off their holdings. If the Indian market is weak, they can sell Bitcoins in the foreign market. They only have to account for the profits which all genuine investors can do. If people have invested their black money, no body can help them. Perhaps the tax authorities may only collect some penalty and not prosecute the genuine investors. Those who might have invested tens of crores of black money may have to face the music and they need no sympathy.