Crebaco Global CEO: India will lose a $12.9b market by banning cryptos

India’s crypto ban will have an immensely negative impact, as per, Sidharth Sogani, the CEO of crypto and blockchain research firm Crebaco Global Inc. During an exclusive interview with AMBCrypto, Sogani said that India will lose around $12.9 billion worth of market if the government goes ahead with the ban. The figure was calculated by Crebaco’s methodology, which analyzes how much revenue companies can generate if cryptos were legalized. Plus, it also factors in the crypto companies with Indian founders who moved offshore due to the Reserve Bank of India’s banking ban.

The figures that Crebaco came up with are as follows:

• $4.9 billion as per crypto white papers and associated business plans.
• $2.1 billion from blockchain developers.
• $1.27 billion from content creators.
• $4.5 billion from miscellaneous jobs like lawyers, event managers, and laborers.

Sogani revealed that he presented his information on crypto usage to the governmental panel, but they went ahead with the ban recommendation anyway. 

“We have submitted several reports to the Indian governments as well and have consulted Ministry of Finance (MoF) through presentations and reports. In spite of all that, it was surprising to know the draft bill news.”

However, he feels that the government won’t be banning crypto but regulating it since India’s sheer population will make that a challenging job:

“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.”