India’s purported cryptocurrency ban is expected to hurt the country badly! The number came from Sidharth Sogani, CEO of crypto and blockchain analytics firm CREBACO Global, who recently spoke to AMBCrypto. His report took into account the revenue companies might have generated if crypto was deemed to be legal as well as the revenue lost due to crypto companies moving their base abroad due to RBI’s banking ban.
As per CREBACO’s research, the amount of revenue generated through white papers and business plans would be around $4.9 billion. In addition, the salaries from various jobs would account for $2.1 billion from expert blockchain coders, $1.27 billion from content creators and $4.5 billion from miscellaneous jobs related to the field. These numbers add up to a whopping $12.9 billion in lost opportunity for the Indian crypto community.
Sogani also cited data on the trading volume on Binance last year from Indian IPs which amounted to a substantial 7.9%, which shows the interest in this asset class from the Indian crypto community.
The Inter-Ministerial Committee set up to study the asset class recently recommended a blanket ban on cryptocurrencies. This was further re-iterated by the government counsel in the Supreme Court hearing yesterday. According to the counsel, the government plans to introduce the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 in the winter session of the Parliament.
Sogani, who was part of the team which appeared in front of the official committee to present their viewpoints, was surprised by the recommendation of the committee. He added that the government will have to find a mid-way and regulate cryptocurrencies as it is simply not possible to implement a ban on a population of 130 crore people.