September 30, 2020

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 introduced a complete ban on cryptocurrencies. TO This conclusion was made by Sidhart Sogani, Executive Director of Crebaco Global, an analytical and consulting company.

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

Over the past year, Indian cryptocurrency services, such as ZebPay and Unocoin, have processed over $ 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:

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Alleged ban

Draft Law entitled “On the Prohibitioncryptocurrencies and the regulation of the official digital currencies bill of 2019 ”was submitted to parliament in April, since various government departments, industry insiders and lobby groups discussed this document. The proposed document will prohibit the "sale, purchase and release 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 technology into the banking sector.