Blockchain India is a pan-India blockchain community consisting of 30000 plus blockchain practitioners. It was affected adversely in 2018 because of the crypto ban, but were part of the crypto revival due to SC in 2020. These experts are likely to migrate to crypto friendly countries such as Switzerland, Singapore, Estonia, and the US. Blockchain innovation is beneficial in many sectors of the economy. Crypto assets could have financed the growth of blockchain company.

Crypto exchanges and investors may migrate too. There could be a brain drain and capital drain. International exchanges could shelve the plans to enter India. International investment in crypto exchanges is likely to decline.

Ban could be ineffective and could generate a crypto black market.

If crypto eco-system is disturbed, there are going to be huge economic issues. As some advanced economies have accepted cryptos with suitable regulation, India could be at a disadvantage. Bitcoin is likely to emerge as a global reserve currency. Here too India could suffer.

Developed economies are inclined to grant legal status to cryptos. They are working on regulatory frameworks.