In 2021, India witnessed a cryptocurrency boom, with over 100 million people trading in cryptocurrencies, the highest in the world. However, by 2023, the scenario had drastically changed. Bitcoin's value had plummeted by half from its peak in 2021, and trading volumes on Indian cryptocurrency exchanges had dropped more than 90% since February 2022. The decline can be attributed to the Indian government imposing a 30% tax on crypto gains and a 1% tax deducted at source (TDS) on all 'sell' transactions on February 1, 2022. Some founders of Indian crypto exchanges have moved to crypto-friendly locations, like Dubai and Switzerland, while others have diversified their businesses to sustain operations. Regulatory uncertainty and concerns about cryptocurrency misuse for money laundering remain challenges. However, the crypto industry still believes in its long-term potential despite the current setbacks.