At the end of the previous week, the cryptocurrency community came to know about the fact that the government of India is going to levy a ban on cryptocurrency investments. The former CTO at the leading United States-based cryptocurrency exchange Coinbase has said that this move could result in a major mistake for the country.
A Trillion Dollars Mistake For India
Balaji Srinivasan, the former Chief Technological Officer (CTO) at the Coinbase crypto exchange, is not in favor of the forthcoming ban which is being imposed by the Indian government on cryptocurrency investments.
He expressed his concerns regarding the ban in an interview held by The CapTable. He said that India’s ban on the mining, trading, or investing of cryptocurrencies shouldn’t go through as it would be a major mistake for India or, you can say, a trillion-dollar mistake. What he wanted to say is that the country could lose trillion dollars in profits once it imposes the crypto ban.
While speaking against the cryptocurrency ban, he stated that if the Indian government moves ahead and puts a ban on digital currency trading and investments, it would be similar to the banning of the financial internet for the country. While explaining this point, the angel investor said that due to this ban, India might become 20 percent poorer during the next five years instead of achieving something during this time frame.
Furthermore, Srinivasan asserted that this ban would affect all of the businesses and traders dealing with digital assets as they will no longer be able to access the trading of cryptocurrencies.
Bloomberg reported on Thursday saying that a senior official of India’s Finance Ministry has revealed that the government of India is planning to put a blanket ban on cryptocurrencies investment and trading. The official said that the ban would take place gradually as the government plans to give the existing cryptocurrency investors a transition period, which will remain active for three to six months. During this transition period, these investors will be required to liquidate all of their digital currency or Bitcoin (BTC) holdings.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.