RATE Group | India Will Lose an Almost $13 Billion Market by Banning Crypto
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India Will Lose an Almost $13 Billion Market by Banning Crypto

10 Aug India Will Lose an Almost $13 Billion Market by Banning Crypto

Posted at 22:16h in Cryptocurrency News by

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Sidharth Sogani, the CEO of crypto and blockchain research firm Crebaco Global Inc, believes that India will lose around $12.9 billion worth of market if cryptocurrency is banned in the country.

Sogani shared his reasoning with the news outlet AMBCrypto, which reported the matter on Aug. 8. 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.

As per the report, Crebaco came up with the following figures as part of its total estimated revenue from crypto in India: $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, including lawyers, event managers and laborers. 

Sogani further believes that India will ultimately be…

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