No no no.... No need to panic. Keep using Steemit. Only that banks might not want to transact with it. But there are other platforms to convert your Steem.
And even if banks reject it, you can set up a team of people and start a conversation private company.
The government sees it as a wall to keep Indians from the cryprocurrency, I see it as an opportunity for a few Indians to make more money and be influential.
See beyond the government's crap