Can RBI press for open currency?

Instead of emulating China, the RBI could have looked at Japan, Germany, Korea, Australia and Singapore

The Reserve Bank of India’s (RBI’s) decision to lower the boom on crytocurrency will have multiple repercussions. Some of those may be unforeseen and unpleasant. The RBI has decreed that banks and non-banking financial companies must stop services and support to cryptocurrency exchanges, and to any entity for the purpose of cryptocurrency trading. In effect, this cuts bitcoin and its siblings off the formal banking system. 

Does that mean that cryptocurrency trading will stop? No. All legitimate and legal trading in crypto will stop. But the currencies will continue to be traded. And, since these trades will be completely unregulated, they