Expert: India Will Lose An Almost $13 Billion Market By Banning Crypto

The CEO of an Indian crypto and blockchain research company estimates that the country will lose out on almost $13 billion with a ban on crypto.

Sidharth Sogani, the CEO of crypto and blockchain research firm Crebaco Global Inc, believes that India will lose around $12.9 billion worth of market if cryptocurrency is banned in the country.

Sogani shared his reasoning with the news outlet AMBCrypto, which reported the matter on August 8. According to the report, Crebaco’s methodology included an analysis of how much revenue companies might have generated if crypto was ruled to be legal, as well as crypto companies with Indian founders who moved offshore due to the Reserve Bank of India’s banking ban.

As per the report, Crebaco came up with the following figures as part of its total estimated revenue from crypto in India: $4.9 billion as indicated by crypto white papers and associated business plans; $2.1 billion from expert blockchain coders; $1.27 billion from content creators; and $4.5 billion from miscellaneous jobs, including lawyers, event managers, and laborers. 

Sogani further believes that India will ultimately be forced to regulate cryptocurrencies instead of banning them wholesale, as it is unlikely that India could enforce such a ban:

“They will have to regulate it, because if they don’t, it will raise a question as how they will implement a ban on a population of 130 Crore people […] They dont seem to have the mechanics of doing that, given India is country of 1.3 billion people.”

Government panel’s proposed ban

As previously reported by Cointelegraph, a governmental panel in India officially recommended that the country ban cryptocurrencies on July 22. The panel further recommended imposing sanctions on any crypto-related dealings. However, regulators and the government have yet to finish reviewing the report and draft legislation, which will need to happen before the government passes a verdict.

According to Sogani, he presented information about cryptocurrency usage to the panel, and was surprised when they moved to go through with a ban recommendation anyway:

“We have submitted several reports to the Indian governments as well and have consulted Ministry of Finance (MoF) through presentations and reports. In spite of all that, it was surprising to know the draft bill news.”

Source: Cointelegraph.com

If you have other interesting news about this topic or other cryptocurrency news please let us know. Don’t forget to view our useful bitcoin videos collection to learn more about Bitcoin and Blockchain. Investing in Cryptocurrencies can be very profitable but always make sure you’re keeping your coins safe. You can use the tutorial that will teach you how to make a bitcoin paper wallet that’s the simplest way to keep your Bitcoins but the safest way is by using a hardware wallet.

You’re invited to share your opinion about this news “Expert: India Will Lose An Almost $13 Billion Market By Banning Crypto” by adding your comment bellow. Let’s keep this discussion civilized with a non-offensive language.

Tags: crypto newscryptocurrency news

Avatar

Passionate about Crypto-Currencies and Bitcoin enthusiast. Oliver is an Editor on Crypto Cool News.

Add Your Comment