Crebaco Global CEO: India will lose $ 13 billion due to cryptocurrency ban

Sidhart Sogani calculated how much profit local companies involved in digital money could get, as well as losses from tough central bank policies

The ban on cryptocurrencies in India could lead to a loss of $ 12.9 billion, said Sidhart Sogani, head of Crebaco Global. He calculated the possible revenues of local companies associated with digital money and the losses of the region from firms that were forced to change jurisdiction due to the tough policy of the central bank, Cointelegraph writes.

“I’m sure that eventually the authorities of India will introduce regulation of cryptocurrencies. They don’t have a mechanism to introduce a complete ban in a country with a population of 1.3 billion people, ”said Sogani.

In late July, a working group of the Government of India proposed a complete ban on cryptocurrencies. Among the possible sanctions for mining, storage, sale, transfer and issue of cryptocurrencies, a fine of $ 3.6 million and a prison term of up to 10 years are provided. The authorities are currently studying this proposal.

In April 2018, the Reserve Bank of India imposed a restriction on the servicing of organizations related to cryptocurrencies. After that, local crypto-exchanges began to actively close.

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