Regulation News

India will lose $12.9 Billion for its Crypto Ban

India Bans Crypto
Image Credit: Bloomberg

The government of India has been aggressive towards the adoption of blockchain technology but it maintains the stance on banning cryptocurrencies.

It has been over a year since the Reserve Bank of India barred the centralized banks from operating the bank accounts of crypto exchanges.

All these steps pushed the cryptocurrency exchanges towards a shutdown. As per Sidharth Sogani, CEO Crebaco Global, Inc., if the cryptocurrencies stand banned from India, the subcontinent will have to bear a loss of roughly $13 billion.

Due to the uncordial environment, the crypto industry had to suffer a significant loss. Many crypto exchanges closed their operations or moved to foreign lands. The $13 Billion estimations of loss suggested by Sogani is a revenue projection of legal crypto industry.

Talking to AMBCrypto, Sogani, offered detailed segregation of the total projected revenue generation. Around $4.9 billion revenue expectation was from the whitepaper creation, $2.1 billion by coding experts, $1.27 from content experts and $4.5 billion from the legal sector, events and other miscellaneous players.

Currently, the Reserve Bank is not supportive of cryptocurrency. But it’s a banking platform that uses blockchain is under development. This proves the government is supportive of technology adoption.

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