Recently the Inter-Ministerial Committee, headed by Subhash Chandra Garg, the secretary of the Department of Economic Affairs, has released a report on the issue of virtual currency and its relatable affairs.
Under this report, they mentioned a proposal for a strict ban on private cryptocurrencies in India, though this ban will not include the state-government authorized cryptocurrencies.
As of now, proper legislation with more amendments and proposals in the matter is yet to be finalized, so that it could be passed in front of the government to pass a decision.
This unsure situation has left many traders wondering if it’s worth taking steps toward trading cryptocurrencies especially on exchanges. Instead, some have turned toward the use of investment platforms, the leader among which is clearly none other than Bitcoin Loophole.
Views From CEO “Crebaco Global Inc”
The CEO of Crebaco Global Inc (which is a crypto and blockchain research firm), Mr. Sidharth Sogani has reportedly said in an interview that if the crypto ban is imposed in India, there is a firm possibility that India may lose a $12.9 billion worth market.
This interview was shared on the 8th of august, where Mr. Sogani shared his opinion based on a report as per the Crebaco methodology, which has an inclusive evaluation of revenue that could be generated if crypto is legalized in India.
Also, it analyzes the profits the government could make with Crypto Companies having owners from INDIA. These owners were forced to move abroad due to the Reserve Bank of India’s banking Ban.
The report from Crebaco also included the estimated revenue, that India makes each year with Cryptocurrencies. According to the report, the revenue of 4.9 $ billion comes from the white-collar administration and business plans.
Then another hefty revenue is released from specialized blockchain technicians and coders which amounts to 2.1 $ billion. Then a remaining amount of 1.27 $ Billion from content creators and another 4.5 billion dollars from usual professions like teachers, doctors, lawyers, and laborers.
As per the views of Mr. Sidharth Sogani, India cannot afford such a loss and would be enforced to regulate cryptocurrencies compulsorily. He further says that a ban on such an important aspect cannot be imposed on a larger population of 1.3 billion people.
There is no such mechanism to regulate this ban. He even adds that the utility and importance of cryptocurrencies were shared with the ministry via presentations and reports, still, they chose to draft a bill in favor of the crypto ban.