A couple of weeks ago, Trijo News reported that India is in the process of banning cryptocurrencies.
Now comes news that shows that the ban may be an expensive affair for the giant country.
Jobs and profits disappear
Sidharth Sogani is the CEO of the analysis company Crebaco Global. In an interview with AMB Crypto, he says that India loses a market worth around $12,9 billion when they ban cryptocurrencies.
The calculation is a combination of the jobs that the crypto industry provides and the money that companies that deal with cryptocurrencies had collected, Cointelegraph reports.
There will be no ban
Sidharth Sagoni does not think there will be any ban in the end.
“They will have to regulate cryptocurrencies instead. They don’t seem to have the opportunity to implement a ban given that there are 1.3 billion people living in India”, he tells AMB Crypto.
It remains to be seen if he’s right.