The latest cryptocurrency news on our website shoed that an India Bitcoin ban is in the making and the country is quite serious about banning the dominant cryptocurrency. However, an expert is featured in the latest updates, noting that a ban of this kind will cost the country approximately $13 billion.
We are talking about Sidharth Sogani, the CEO of the crypto and blockchain research firm Crebaco Global Inc. As he noted, India will lose around $12.9 billion worth of market if the dominant cryptocurrency is banned in the country.
Sogani noted that an India Bitcoin ban will negatively affect many sectors. In his interview with the news outlet AMBCrypto which reported the matter three days ago, the expert included an analysis of how much revenue companies might have generated if crypto was legal in the country.
As the report featured in the altcoin news shows, Crebaco came up with the following figures when predicting the total estimated revenue: $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 noted that an India Bitcoin ban will negatively affect everyone – and that the country will be forced to regulate cryptocurrencies instead of banning them wholesale. According to him, 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,” he said when addressing the ban.
As previously shared on many best cryptocurrency news sites, a governmental panel in India recommended the India Bitcoin ban on July 22. The panel also imposed some sanctions on any crypto related dealings.
Still, the regulators and government need to finish reviewing the reports and draft legislation, which needs to happen before the government passes a verdict.
“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,” Sagani noted.
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