They are trying to find a way to make it profitable to the government/state. There's too much people in india, they could make it work for them in other to make their own token and make it fluctuate how they want with such a big amount of volume being trade.
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Yes, the population is India is huge and no government is willing to give financial control into the hands of common people. So, they're definitely trying to put some regulations so that they can earn more tax benefits.