Expert Opinion: India will Lose up to $13 Billion if it Prohibits Cryptocurrencies Operations

He outlined his point of view in an interview with the news resource AMB Crypto. Recall, the Indian authorities are considering alternatives for a complete ban on cryptocurrency in the domestic market. There was even information that such a bill was ready.

Sogani said the government’s repressive policies are forcing startups what develop digital services and applications to move to other jurisdictions.

Crebaco analysts carried a study and calculated the financial losses from the ban on crypto trading. Firstly, the budget may lose up to $4.9 billion in taxes and fees from operations with coins. Secondly, more than $4.5 billion will be lost because of the fact that the creators of content on the Internet, lawyers, programmers, and other specialists will not be able to work in India. The total losses from the ban on cryptocurrencies can reach almost $13 billion.

Sogani is sure that the authorities of the country will not be able to reduce operations with tokens to zero physically. Most likely, the trade of digital assets will continue, just all transactions will be processed on illegal sites or in other jurisdictions.