India’s Proposed Blanket Bitcoin Ban Will Set The Economy Back As Blockchain Devs And Traders Leave
Being too tough on innovation can be a cause for brain drain. At least that is what some crypto specialists in India believe right now. As the government continues its plans to ban cryptocurrencies locally, India is starting to see its first big signs of brain drain happening in the country.
A complete blanket ban as proposed by the government would basically make it inviable for people who specialize in cryptocurrencies to have a place in the country. These people would possibly be experts in the industry could simply move to other places.
The upcoming law could imprison people for up to 10 years for trading cryptos or dealing with them. This is already prompting people in the industry to plan their exodus from the country.
Rahul Jain, for instance, was interviewed by the Economic Times. He works at a local crypto exchange and affirmed that the company wanted to serve Indians first, but they are having trouble to keep a viable business there.
The CEO of WazirX, Nischal Shetty, affirmed that the bill could erode the wealth of millions of people in the country who are already using Bitcoin. Criminalizing crypto assets, according to him, would be a blow to businesses that were operating completely within the boundaries of the law before.
One of the main concerns of the people in the industry is that the country will also lose the chance to participate in a $10 trillion USD industry, which will certainly harm the local economy.