Crebaco Global Inc. CEO Sidhart Sogani claims that India could lose about $12.9 billion in revenue if the country bans cryptocurrency. Sogani, a businessman who has founded several crypto and blockchain consulting and research firms, shared his ideas with media outlet AMBCrypto.
According to the AMBCrypto report, Sogani explained that Crebaco conducted an in-depth analysis of the revenue companies would have generated if crypto was legalized in India. The crypto research firm’s methodology also included cryptocurrency firms with Indian founder who moved their companies offshore due to the banking ban imposed by the Reserve Bank of India.
Crebaco has reportedly come up with several interesting figures connected to the total estimated profit India would have gained from crypto.
The company said the country could have secured $4.9 billion based on business plans and white papers on crypto, $1.27 billion from content developers, and $2.1 billion from skilled blockchain coders. India could also have gained $4.5 billion from typical jobs like event managers, laborers, and lawyers.
Sogani also said he believes India will have no choice but to regulate crypto in the end. He explained that the country can’t totally ban cryptocurrency as India doesn’t have the capacity to enforce it.
A government panel had officially recommended that India ban digital currencies. The group also wanted to impose penalties on any transactions related to cryptocurrency.
Sogani said he presented a report on the use of cryptocurrency to the panel and was surprised when it was ignored and the move to ban the currency was pushed forward.