SidharthSogani, the chief executive officer of crypto and blockchain analysis firm Crebaco global INC, believes that India can lose around $12.9 billion worth of market if cryptocurrency is banned within the country.

Sogani shared his reasoning with the news outlet AMBCrypto that reported the matter on August 8. Per the report, Crebaco’s methodology enclosed an analysis of how much revenue corporations might need to be generated if crypto was ruled to be legal, additionally as crypto corporations with Indian founders who moved offshore due to the reserve bank of India’s banking ban.

As per the report, Crebaco came up with the subsequent figures as a part of its total estimated revenue from crypto in India: $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, together with lawyers, event managers, and laborers.

Sogani additional believes that India can ultimately be forced to control cryptocurrencies rather than forbidding them wholesale because it is unlikely that India could enforce such a ban:

“They can have to be compelled to regulate it, as a result of if they don’t, it'll raise an issue as how they'll implement a ban on a population of 130 crore individuals [...] they don't seem to possess the mechanics of doing that, given India is country of one.3 billion individuals.”

Government panel’s proposed ban

As antecedently reported by Top Market Group, a governmental panel in India formally counseled that the country ban cryptocurrencies on July 22. The panel further recommended imposing sanctions on any crypto-related dealings. However, regulators and therefore the government have however to end reviewing the report and draft legislation, which is able to need to happen before the govt. passes a finding of fact.

According to Sogani, he conferred info regarding cryptocurrency usage to the panel, and was stunned after they moved to go through with a ban recommendation anyway:

“We have submitted many reports to the Indian governments additionally and have consulted the Ministry of Finance (MoF) through presentations and reports. In spite of all that, it had been shocking to know the draft bill news.”

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