Sidharth Sogani – current head of the crypto and blockchain-focused company Crebaco Global Inc – predicted that should digital currencies are prohibited in the nation, India will suffer roughly $12.9 billion worth of financial damage.
Speaking with AMBCrypto on August 8, Crebaco have employed an approach of analysing the amount of income firms potentially gain from crypto, should it is allowed, together with crypto-related analysis on firms have moved its operation to a foreign country, due to the ban from the Reserve Bank of India.
Crebaco has managed to produce the final figure for the total potential income in India if crypto is not banned: $4.9 billion from crypto white papers and all related crypto business project, $2.1 billion from high-profile blockchain coders, $1.27 billion from content writers and finally, $4.5 billion from lawyers, event managers, and laborers.
“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.” Sogani further believed the ban can only be temporary, and allowing crypto with proper regulation will be an inevitable reality.
Previously, on July 22, a few governmental officials have proposed a ban on crypto throughout India. However, the process for reviewing the proposal and draft regulation is yet to be finished, which is required prior to passing any new law.