cryptocurrency

If all the private crypto currencies will be taxed at such a high rate in India, it would simply push them underground, into the domain of illegal trade and dark web.

The crypto, as well as fiat money, are quite similar in this sense since none of them is backed by anything. So the things would go in a similar fashion for both except the fact that crashing crypto is not as easy as fiat money laundering.

While the corporates in developed world adopt this innovation, a government ban would become a bottleneck for India Inc.

Bitcoin is an innovative form of money. Until it evolves, it should be treated as an asset instead of currency. Banning will lead to many economical crisis like loss of employment, pushing India behind in innovation, loss in income tax as well as illegal usage.