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Blockchain experts rushed to regulated countries like Switzerland, Singapore, Estonia and the US, and an outright ban will have a similar effect, according to Mathew Chacko, partner at Spice Route Legal. He said blockchain innovation, which has a role to play in governance, data economy and energy, will come to a grinding halt in India.
“For any innovative company to take advantage of blockchain the way they will do it is to use crypto assets to finance the growth of the blockchain company and if you ban that, it’s like you are permitting electric vehicles, but not funding it,” Chacko said.