July 24, 2024

India risks losing about $ 13 billion in the event of the introduction of an official ban on cryptocurrencies

India risks losing about $ 13 billion in the event of the introduction of an official ban on cryptocurrencies

India could lose $12.9 billion if the government implements a complete ban on cryptocurrencies. TOThis is the conclusion reached by Sidhartom Sogani, chief executive of analytics and consulting firm Crebaco Global.

In an interview with a cryptocurrency news publicationAMBCrypto, Sogani listed a number of industries that would be most affected by the ban. He also noted that thousands of employees could lose their jobs. India is estimated to lose up to $13 billion.

Over the past year, India's cryptocurrency services such as ZebPay and Unocoin processed more than $6 billion. As we can see, the lost benefits will be significant.

Here is what another critic wrote under the nickname CryptoKanoon about the ban last month:

Alleged ban

The draft law entitled “OnBanning Cryptocurrencies and Regulating the Official Digital Currency Bill 2019 was tabled in Parliament in April, with various government departments, industry insiders and lobby groups debating the document. The proposed document would ban “the sale, purchase and issuance of all types of cryptocurrencies.”

Last month, an interagency committee recommended a general ban on all privacy-oriented cryptocurrencies.

Despite the proposed ban, according to The Hindu BusinessLine, India supports the development of blockchain technology and is exploring the possibility of introducing the technology into the banking sector.