The government’s likely ban on bitcoin and other cryptocurrencies ahead might lead to an exodus of crypto startups from India to favorable ecosystems around the world along with crores of Indian investors who might start transacting on international exchanges, according to Ajeet Khurana, a prominent cryptocurrency expert. Khurana was earlier the head of the blockchain and cryptocurrency committee at the Internet and Mobile Association of India (IAMAI) and former CEO at cryptocurrency exchange ZebPay. ‘The foreign exchanges won’t care about the ban. Eventually, many Indian crypto businesses might move abroad due to the ban.
Moreover, investors who live in small cities and had put, let’s say, Rs 5,000 or Rs 10,000, all of them will start transacting on international exchanges even as government cannot reach out to them individually. So, effectively the move will take millions of dollars of crypto transaction volume and gift it to international exchanges,’ Khurana, currently the Venture Partner and Global Expert at Blockchain Founders Fund, told Financial Express Online in an interaction.