The crypto scene in India has always been uncertain. Just as the crypto-verse was traversing into a trillion-dollar industry, rumors around India considering banning crypto spread like wildfire. While nothing is on paper, still, certain authorities from the Asian country have been stringent about banning the digital asset industry.
More recently, an official from the Finance Ministry in the country affirmed that the government was going to outlaw the industry in the next couple of months. Further giving crypto holders about three to six months to convert their cryptocurrencies.
With Bitcoin surging up to a high of $50K, India’s latest move could be a potential loss for the country. Appearing in a recent interview, Balaji Srinivasan, the former chief technology officer, Balaji Srinivasan had a similar outlook.
India’s Trillion-Dollar Mistake
Several digital platforms have been venturing into Asia, specifically India. The population of the country along with its steer towards digitalization has made the market a promising one. Speaking about the possible ban of crypto in the country, Srinivasan said,
“It’s really important that the ban (India’s plan to ban owning, trading, mining, or investing in cryptocurrency) should not go through. It would be a trillion-dollar mistake for India, without exaggeration. It would be a reversal of economic liberalization in many ways. It would basically be banning the financial internet from entering the country. And it wouldn’t even achieve the desired objective.”
Just when every other country is loosening up its laws pertaining to the crypto industry, the country’s potential ban could make the country about 20% poorer than it would have been in the next five years, Srinivasan added.
While the Asian country has just started veering into the world of crypto, the latest move could act as a dead-end for various crypto startups as well as crypto investors.
At press time, Bitcoin was trading for $49K while its market cap soared to a high of $916 billion.