Bitcoin Ban Means Massive Brain Drain for India, Crypto Industry Warns
Marie Huillet's original article for cointelegraph.com reduced by 58%
"The first large democracy" to ban crypto. The severity of the proposed penalty and the extreme position reflected in the document - whether or not and in what form it eventually becomes national law - is already prompting local crypto businesses to take pre-emptive measures to protect themselves. "As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto exchanges to operate their businesses in India.
So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us." Nischal Shetty, CEO and founder of well-known Indian exchange WazirX has meanwhile argued that the proposed bill is poised to erode the wealth of over 5 million Indians who own "Crypto assets worth thousands of crores." The executive said that the arbitrary decision to criminalize crypto-asset investment would destabilize existing businesses that have been operating legitimately and make the country an unfortunate pioneer in its role as "The first large democracy to ban an innovative technology such as crypto." "As a country largely reliant on the services sector, India will lose its edge as a technological power if the ban on crypto is enforced. Shunning this industry will mean massive job losses and a brain drain Crypto is predicted to be a $10 trillion industry in the next five years, and if we are to achieve our Prime Minister's goal being a $5 trillion economy, then crypto is integral to that vision." As reported this August, Sidharth Sogani - CEO of crypto and blockchain research firm Crebaco Global Inc - has forecast that India will lose around $12.9 billion worth of market if cryptocurrency is eventually banned in the country.
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CN [too long; didn’t read]
Summarised crypto news.