How is it damaging to the economy when it's value came from all the fiat used to buy it and it's not even made out of thin air? It's just basically money, just more easy to send across countries.
Just looking at the link, this seems to be a hit piece, especially since we know the Indian gov't is somewhat hostile to bitcoin.
Classic economy has this argument, that deflationary currency is making market to slow and even to stop developing.
Funny thing is that is was never proven, it's a stupid dogma created by shills of the current banking systems.
As India is without a doubt a developing country, they don't want to stop this process prematurely, however relying on false premisses of market theory makes them hostile towards crypto, because it is deflationary in nature.
Inflation based development is usually very slow and gradual, easy to predict while deflation makes markets to jump, spike in huge leaps up. Ruling class can't allow for the status quo to change at all, that's how.
