What India Stands To Lose By Banning Cryptos
We've discussed a lot about this already and I have written a few times how many opportunities are lost for innovation with current issues and the ban is only going to result in many more.
You can't trade, possession, speculate in any manner but it doesn't stop here. You can't even work as a professional in this space which is very annoying to say the least.
Sidharth Sogani, the CEO of CREBACO Global Inc, crypto and blockchain-centered analytical firm founded back in April 2018 commented on the post saying that India would lose around 84,000 crore INR which is approx $12.9 billion worth of market due to the proposed ban. AMBcrypto got in touch with Mr. Sogani to understand how they arrived at that figure as reported by Ambcrypto.
The report further shares some details on what transpired between Sogani and the Indian government.
Sogani, who was also part of the presentation team who appeared before the Garg committee to provide different aspects of the crypto use stated that he was quite surprised with the final outcome of the report that called for a complete ban,
“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, Sogani was still optimistic that the government would find a mid-way to regulate crypto; he stated:
“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” Sogani said. “They dont seem to have the mechanics of doing that, given India is country of 1.3 billion people.”
All this is just the tip of the ice-berg ofcourse, so many opportunities are lost to Indians if this proposal becomes a law.
Let's hope on 14th August the case moves forward and we win atleast one half of the case in Supreme Court before we are left to tackle the bill in January 2020.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Well crypto was always meant to disrupt the status quo and for those who were in power or super powers before will be left behind! It’s a natural reaction to protect what they have from this unknown, it’s a product of not having foresight!
If you winning in a game would you like someone to change the rules? Not likely lol crypto will have its day regardless
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