What is the future of cryptocurrencies in India given the current scenario

It’s negative in regulatory terms.

However, the purpose of Bitcoin is a financial freedom against any censorship or ban. So I am positive for its potential and future adoption.

Any new technology goes through a cycle - creation => misuse => censor => good use => regulation => adoption => norm

Till date bitcoin is only used for trading and earning a fortune. The regulatory system want to demoralize the quick fortune mentality.

The financial independence is the core value of bitcoin, it will prevail sooner or later.

Once bitcoin comes to mainstream use. No one will be stopping it.