The CEO of crypto and blockchain research firm Crebaco Global Inc, Sidharth Sogani, says that India will lose around $12.9 billion worth of market if cryptocurrency is banned in the country.
Sogani spoke to AMBCrypto, which reported the matter on August 8th, 2019. According to the report, Crebaco’s methodology included an analysis of how much revenue companies might have generated if crypto was ruled to be legal, as well as crypto companies with Indian founders who moved offshore due to the Reserve Bank of India’s banking ban.
According to the, Crebaco said its total estimated revenue from crypto in India is $4.9 billion as indicated by crypto white papers and associated business plans; $2.1 billion from expert blockchain coders; $1.27 billion from content creators; and $4.5 billion from miscellaneous jobs.
Sogani says that India will be forced to regulate cryptocurrencies. He said:
“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.”