It seems India has decided to outlaw private currencies like Bitcoin and Ethereum. In a meeting of Inter-Ministerial Committee last month, it was decided that India will not welcome cryptocurrencies within its borders.
According to a crypto expert and CEO of Crebaco Global Inc Sidharth Sogani, the ban will lead to a loss of market worth $12.9 billion. On a separate note, Crebaco Global Inc is a research firm involved in the studies of crypto and blockchain.
Sogani shared his views with AMBcrypto, and the report was published on 8 August. He said in Crebaco, and they follow a method to determine how much profit a company can garner if crypto was allowed to be legal in the country. It also analyses the banking ban by the Reserve Bank has led to shifting of various crypto companies to offshore.
Although the SEBI chairman and governor of Reserve bank had battled hard to introduce an official digital currency of India.
As per the Crebaco analysis, the total estimated revenue the country could have garnered can be broken down into $2.1 billion from professional blockchain coder; content creators would have provided $1.27 billion; associate business planners and white papers would have provided $4.9 billion; from lawyers, event manager and other miscellaneous job the country would have made $4.5 billion.
Although Sogani feels the government should reconsider its decision of entirely banning the cryptocurrencies, instead it should regulate it. He further says if the country does not control the digital currencies, then how will it enforce the ban on 130 crore people.
As per a story published on 22 July, the country had officially announced the ban on cryptocurrency. But after that, the panel has imposed sanction on any topics related to cryptocurrency. The government and the committee are still working on reviewing the reports and drafting the legislation. That has to be completed before the government announces is the final verdict.
As per Solgani’s word, the firm has consulted with the finance ministry with presentations and reports, but they are surprised to see the draft bill news.