Cryptocurrency has come a long way from its early days of being a niche and community-focused concept and has successfully taken on the global financial world and has proved its financial viability in many ways over the last few years with major firms such as Facebook, JP Morgan and Walmart investing in cryptocurrency and various countries having to adjust their laws to accommodate the industry as a grows ever more powerful.
While certain countries such as a Malta have invested a great deal of effort in welcoming the crypto industry and making it a vital part of their regional economy, some countries such as China and India have not been very welcoming towards crypto and have put laws in place to stifle the crypto industry. While this move might have been made to mitigate the less pleasant parts of cryptocurrency, it seems it will backfire as it was reported on August 8, 2019, that India could lose up to $13 billion worth of the market if it implemented a full-on crypto ban.
The statement was made by Sidharth Sogani, who is the CEO of Crebaco Global Inc, a crypto blockchain research firm. According to him, the company made use of analysis of how much revenue will be generated by crypto-related companies if cryptocurrency was legal as well as the income brought in by companies who have moved their operations abroad due to India’s stringent laws.
The report then outlined the various incomes with $4.9 billion being brought in from crypto white papers and business plans, $2.1 billion in form of blockchain code, $1.2 billion for content creators and $4.5 billion from related jobs has law and event management. With all these large figures being considered, it will not be in India’s best interesting to implement a ban and according to Sogani, the country with most likely opt to regulate the industry in a better manner rather than implement a full-on ban which is not beneficial.
“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,” he said.