Per data compiled by CREBACO Global Inc. CEO, Sidharth Sogani, if parliament approves a bill to ban crypto, India will lose $12.9 billion. CREBACO Global Inc.is a blockchain and crypto centred analytical firm in operation in India.
To arrive $12.9 billion figure, Sogani used data of firms in operation if the government doesn’t go through with the ban. Besides that, he also complied information of Indian expatriates working in senior levels in crypto firms outside India. The data also contains information on job losses that may come about due to the ban.
First of all, CREBACO research went through the number of firms in operation overseas due to India’s situation and arrived at a figure of 93 firms. Per their whitepaper and last year’s performance, the 93 firms generated $4.9 billion as revenue. By going through LinkedIn, CREBACO checked the number of Indian expatriate blockchain coders. From its research, there are 3,500 blockchain coders, and each walked out with $6,000 salary leading to $2.1 billion as revenue.
While the above amounts to revenue from the top league of staff in the crypto sector, miscellaneous jobs created from the crypto sector also amount to vast sums of money. Moreover, the industry is made up of various types of jobs. Similarly, there is also the content creators sector, which per data from LinkedIn crypto has coined out 2,650 writers. In terms of revenue, content creators generate $1.27 billion, while the miscellaneous jobs created generate $4.5 billion.
The figure above is in the billions, but the biggest question is will lawmakers look the other way as the revenue gets injected into other economies. Furthermore, India has a vibrant crypto sector. For instance, IPs originating from India per Binance exchange data accounted for 7.9% of its trading volume from January to December 2018 alone.
Apart from that, how will the government implement the ban in a country that has 1.3 billion people? While the crypto community ponders which direction the government will take, for Sogani he’s optimistic the government will regulate the crypto sector.
However, it will be unfortunate if the draft bill gets approved at a time when the FATF has given its members a regulatory framework for implementing laws for the crypto industry.
