Experts point out that India's ban on cryptocurrency will lose nearly $13 billion market

The CEO of Crebaco Global Inc, a research firm specializing in cryptocurrency and blockchain, Sidharth Sogani, believes that if India were to ban the use of cryptocurrencies, the country would lose approximately $13 billion in market value.

According to a report by news media AMBCrypto on August 8th, Sogani shared their analysis. Crebaco, a company, analyzed how much revenue could be generated if cryptocurrencies were deemed legal and the impact of cryptocurrency companies leaving India due to the banking ban by the Reserve Bank of India.

Crebaco presented the following data as part of their estimated total revenue in the Indian crypto space:

$4.9 billion from whitepapers and related business plans, $2.1 billion from expert blockchain coders, $1.27 billion from content creators, and an additional $4.5 billion from miscellaneous jobs including lawyers, event managers, and labor. Here is the list of "industries likely to be threatened" as outlined by them.

However, Sogani further stated that India would ultimately be forced to regulate cryptocurrencies rather than ban them, as India is unlikely to implement such a ban and lose a significant market. He said:

Given India's population of 1.3 billion, they will have to regulate and supervise it, because if they do not, there is no mechanism in place to enforce a ban on 1.3 billion people at present.

As previously reported, a government panel in India formally recommended on July 22 to ban cryptocurrencies. The panel further recommended sanctions on any transactions related to cryptocurrencies. However, regulatory bodies and the government have not yet completed the review report and draft legislation, which needs to be done before the government passes a judgment.

According to Sogani, he submitted information on cryptocurrency usage to Indian experts, and he was surprised by the ban proposal:

We also submitted several reports to the Indian government and consulted with the Ministry of Finance through demonstrations and reports, however, the ban draft law still made headlines, which surprised me.

Related Reading

• China's strictest, Czech Republic's lack of regulation: Attitudes towards cryptocurrency mining around the world
• US sanctions escalate, Venezuela's Bitcoin trading volume hits record high

Join now to get the most complete information on financial technology, blockchain insights, and industry examples!