With docker-compose -f up -d have observed following error :
/usr/local/lib/python2.7/dist-packages/cryptography/__init__.py:39: CryptographyDeprecationWarning: Python 2 is no longer supported by the Python core team. Support for it is now deprecated in cryptography, and will be removed in a future release.
As a workaround have tried
pip install cryptography==2.4.2
But will there be any side-effect of this installation or will there be any functionality which will not work?
Yes, there are a lot of features added between cryptography 2.4 and 3.0. They're all documented here: https://cryptography.io/en/latest/changelog/. If you are using binary wheels from PyPI then you'll also be missing many security fixes to OpenSSL.