The government of India has been aggressive towards the adoption of blockchain technology but it maintains the stance on banning cryptocurrencies.
It has been over a year since the Reserve Bank of India barred the centralized banks from operating the bank accounts of crypto exchanges.
All these steps pushed the cryptocurrency exchanges towards a shutdown. As per Sidharth Sogani, CEO Crebaco Global, Inc., if the cryptocurrencies stand banned from India, the subcontinent will have to bear a loss of roughly $13 billion.
Currently, the Indian government is pushing legislative bodies to label cryptocurrencies as illegal tenders. According to the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, the use of cryptocurrency in India may be subject to 10-years imprisonment. The bill released on July 22nd has not received approval by the legislative assembly yet.
Due to the uncordial environment, the crypto industry had to suffer a significant loss. Many crypto exchanges closed their operations or moved to foreign lands. The $13 Billion estimations of loss suggested by Sogani is a revenue projection of legal crypto industry.
Talking to AMBCrypto, Sogani, offered detailed segregation of the total projected revenue generation. Around $4.9 billion revenue expectation was from the whitepaper creation, $2.1 billion by coding experts, $1.27 from content experts and $4.5 billion from the legal sector, events and other miscellaneous players.
Currently, the Reserve Bank is not supportive of cryptocurrency. But it’s a banking platform that uses blockchain is under development. This proves the government is supportive of technology adoption.