-incentives matter and ideas have consequences:
The centralized exchanges were a big threat to ownership of crypto assets as they gave the government complete access to data of customer holdings through their KYC requirements.
The unintended consequence of banning these exchanges by the central bank has incentivized people to move to decentralized exchanges like Bisq. Profit motive and human ingenuity will iron out whatever little problems exist in trading on such exchanges in time.
In a single stroke of stupidity a beurocrat has moved the government from having full access to crypto asset ownership data to zero knowledge in the future.
Thank you very much RBI for helping us achieve this!