To the question in your title, my Magic 8-Ball says:
Very doubtful
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RE: Is Indian Government ready to Regulate & Authorize Crypto?
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Even I was doubtful few day back, but now I am being more optimistic and thats why thought it to share it through an article. Hope you have also read about the Indiachain project which is being worked out by the Central Government and NITI Aayog.