On August 8, Sidharth Sogani, CEO of Crebaco Global Inc. research firm, said in an interview for AMBCrypto that India will lose about 13 billion US dollars if it bans cryptocurrencies.
Opinion on the ban on cryptocurrencies in India
CEO of Crebaco Global Inc. said the ban on digital assets would be a blow to the Indian economy. According to the expert, the damage will be about 13 billion dollars. According to Sogani in his interview, only a part of the profit according to the business plans of crypto-companies is $4.9 billion, which will leave the country immediately after the ban.
About $2.2 billion was, according to research by Crebaco Global Inc., the profit of Indian specialists (coders), which is also not realized in the event of a ban. Content creators, as well as local cryptocurrency media, will lose more than $1.29 billion, and more than $ 4.5 billion in profits brought to the country by retail cryptocurrency professionals (lawyers, project managers, managers at various levels).
According to Sogani, for analysis, his company used the estimated income of all local cryptocurrency companies that would come from foreign investment. According to the expert, the Indian authorities should think about the consequences of the ban. According to this, he believes that a complete ban on digital money is impossible.
Interestingly, today Bitcoin is still squeezed near the line of $12,000, although yesterday a false breakdown of the support line of $10,000 took place.
India will lose $13 billion if it bans cryptocurrencies. Recall that we previously wrote about the possible consequences for the crypto-market in the event of a ban on digital money in India.
Editor: Jerg Wos