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Cryptocurrency in India
The extent and its effects on the financial industry
Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019
Ban?
- Promotes digital currency, dismisses cryptocurrency
- Many believe that its citation of China as an economic model is hypocritical
- Does it violate the Indian Constitution?
- Is the bill even necessary?
The Numbers
The numbers
$12.9 billion will be lost if cryptocurrency is banned in the country.
$4.9 billion - “crypto white papers” and associated business plans.
$2.1 billion - expert blockchain coders
$1.27 billion - content creators
$4.5 billion - miscellaneous jobs
The extent of usage
Reach
- 493 million internet users
- 5 million active cryptocurrency users
- India is potentially missing out on a $10 trillion industry
India's current situation
Now
Usage of cryptocurrency may be confided to large-scale transactions (which are largely moving outside the country) and possibly may not ever be used at the grassroots level.
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