According to a blockchain leader in India, the country will miss out on nearly USD 13 billion if cryptocurrencies are banned in the country.
Analyzing Crypto Market
The estimate was made by Sidharth Sogani, CEO of blockchain and cryptocurrency research firm Crebaco Global. He shared his views during an interview, where he detailed on the research and methodology he used to come up with that staggering figure. He said his company had analyzed on the revenue that would have been generated if there was no ongoing legal battle on the status of cryptocurrencies. He further said that he had also kept in consideration blockchain and crypto firms that had moved their offices out of the country (along with their wealth) when faced with difficulties in the banking sector after the state bank, the Reserve Bank of India, stopped all financial institutions to entertain cryptocurrencies.
The CEO detailed the 12.9 billion dollar figure as USD 4.9 billion as mentioned in different whitepapers, USD 1.27 billion from content creators, USD 2.1 billion from coders and another USD 4.5 billion from associated industries, such as legal, event management and administrators.
Sidharth Sogani was very clear in his belief that even if India bans cryptocurrencies, it will ultimately be forced to reconsider its stance since blockchain at its very core, is designed to resist censorship,
“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 don’t seem to have the mechanics of doing that, given India is country of 1.3 billion people.”
Indian Ban: Yes or No?
The Indian government and officials have a mixed response to the legality of cryptocurrencies in the country. Less than a year ago, the country’s Reserve Bank of India, the state financial institution, had issued an order that warned banks and other firms not to entertain any activity that involved cryptocurrencies, or firms and individuals that were known to be involved in the digital assets.
When Indian officials were grilled in the Upper House on the legal stand of cryptocurrencies, the Minister of Finance had said that there was no law currently that explicitly bans them.
Nasscom, a major Indian trading firm, had also recently said that the rumored draft of a bill that is asking for an official ban on cryptocurrencies will not be constructive.
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