INDIA is planning to regulate Cryptocurrencies - BAN all private cryptos

Hope you are all fine and doing well. Since yearersay evening, there is lot of chaos in INDIA as indian parliament is going to bring a bill regarding regulation of crypto. There is lot of panic in the market. I sold my holdings at 50K loss in the morning after reading bill. The first line of bill reads " India will prohibit all the private Cryptocurrencies and will launch a currency regulatd by RBI" . As all Cryptocurrencies as private, it means india is going to ban all cryptos.

However , on my part, it was a decisions that I took in panic after reading the bill. But it is worth mentioning that India has anticipated to bring same bill last year too but the bill remained on roster and was not put for discussion. Just an hour ago, I saw statement by one of the parliamentarians quoting that My understanding is that govt has not finalised a crypto bill yet. Does it mean that bill is incomplete yet or it means bill is yet to be made. So it could be taken as a positive point as bill is unlikely to be finalised within few days.

Further continuing the above said person's statement, he said " My view is that, ban on private Cryptocurrencies is the only way possible* . So it is a red flag sign for crypto users. However, we should not jump to any conclusion yet but some safe practices must be looked for by those who are holding cryptos.

I am of the opinion that, crypto ban is not a sane step at this juncture when countries are legalising crypto. El Salvador is the live example. What are your views, please share in comment section below.

Thanks