Sidharth Sogani, the CEO of Crebaco Gloabl Inc, a crypto and blockchain research company, has concluded the worth of market India will lose if it bans cryptocurrency to be nearly $12.9 billion.
He shared the root of his belief with an independent crypto news publishing outlet, the platform reported this interview on the 8th of August.
As per the report, the methodology used by Crebaco involved an analysis of the amount of revenue that companies would have accumulated has cryptocurrency been ruled as legal, along with the crypto-based companies founded by Indians that were forced to switch countries following Reserve Bank of India’s ban on crypto banking.
According to the report, Crebaco had estimated the total revenue it generated from crypto in India in the following figures: $1.27 billion from content creators; $4.9 billion as specified by associated business plans and crypto white papers; $2.1 billion from professional blockchain coders; and $4.5 billion from other different jobs such as event managers, laborers, and lawyers.
Moreover, Sogani believes that, eventually, India will most likely be forced to supervise cryptocurrencies rather than banning each one of them. He thinks it is unlikely that the country will impose a ban of this type.
He said India will have to govern it because if it doesn’t then it might lead to questions on how can they implement such a ban on a highly populated country of 130 crore people. He reckons the government doesn’t have that level of total control of doing that given that India is a democracy with a large population and people will be in favor of cryptocurrency.
Especially given the rising interest visible in the number of people using systems like Bitcoin Loophole to trade or simply going on the exchanges despite the uncertainties.
The Proposed Ban by the Board
A panel of the Indian government had officially recommended on 22nd July that the country should ban cryptocurrency. Additionally, it recommended imposing penalties on crypto-related transactions. Although the government and regulators still have to complete with the analysis of the report and draft legislation, which needs to be over with before a verdict is passed.
Sogani had already presented the panel with information regarding crypto usage. He was taken aback when the panel decided to proceed with recommending the ban despite the information.