Over 2018 and 2019, the use of crypto coins in India has been becoming increasingly difficult.
According to the Chief Executive Officer of crypto company Crebaco Global, Sidharth Sogani, the cost of refusing the use of crypto coins for India is around USD 13 billion. He claims that this number comes from the revenue that crypto firms in India create if the currencies were to be legal.
Sidharth Sogani also reported to a crypto news outlet that almost USD 5 billion can be ascribed to crypto whitepapers as well as other blockchain-related business drafts. Another USD 4.5 billion would be related to jobs such as lawyers and managers. Over USD 2 million would be the contribution of programmers and the rest will be linked to content creation.
Even though cryptocurrencies are going to be banned in India, the government of the country is very positive about blockchain. They are working towards developing regulations to stimulate blockchain adoption. The Central Bank of India is creating a banking platform founded on the blockchain technology.
Nevertheless, the government is still very negative towards crypto coins. In July, they purposed a bill that would put cryptocurrency users into prison in 10 years. However, the last proposal lacked jail-time. Despite the fact that the ban has not been placed yet, the industry is already seeing the negative consequences.