Indian Cryptocurrency Users will Lose Around $13 Billion if Government Bans Crypto
Sidharth Sogani, CEO at Indian Crypto and Blockchain research firm Crebaco Global Inc believes that India would subsequently lose about $12.9 billion worth in market if cryptocurrency is banned in the country.
Later sharing the reasons with a news outlet AMBCrypto, Sogani said many of the cryptocurrency founders with Indian CEO’s has already moved offshore only because of the Reserve Bank of India banking ban.
The firm also included the analysis that how much revenue a company can generate if it runs crypto.
As per there report Crebaco came up with figures which estimated crypto revenue in India and surprisingly about $4.9 billion as indicated by crypto white papers and associated business plans.
About $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 labourers all in together.
Sogani strongly believes that India won’t be banning the cryptocurrency rather it would start regulating it on a mass platform.
He further added:
“They will have to regulate it because if they don’t, it will raise a question as to how they will implement a ban on a population of 130 Crore people […] They don’t seem to have the mechanics of doing that, given India is country of 1.3 billion people.”
As per the previous reporting, a government panel in India officially recommend a ban starting from 22 July but the final verdict is still pending as the reviewing is still to be completed.
Sogani has already done his part by submitting several reports to the Ministry of Finance so it could be reviewed completely before the final decision are made and drafted as a new bill.
