According to Balaji Srinivasan, Who was the chief technology officer of Coinbase, India’s ban on Bitcoin and other cryptocurrency is like banning on the Financial Internet, because a lot of Indian people are directly and indirectly involved in this market, they are gaining a huge by this cryptocurrency, not only that but also a large number of people from India are working behind this industry from a long time. That’s why Cryptocurrency could be very prosperous for India but the government has taken a negative action towards this industry.
Recently, Balaji Srinivasan attended an interview with The CapTable, he 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.”
Srinivasan also suggested that “India could get 20% poorer from what it could have achieved over the five-year term. It is almost like banning the internet for 5 years. The losses add up a lot. 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.”