Bitcoin Forum

Golden opportunity for India to lead the way as we sunset the current monetary system.

Great read-
https://medium.com/indracryptocapital/crypto-and-the-global-south-a-fork-in-the-road-for-india-917404af2a36

The article talks about facts! Let me summarize it for you all!

India is lossing opportunities big time as a lot of young business owners are still waiting for the regulatory uncertainties to go away! RBI and policy makers have already thrown away few good companies like zebpay, Unocoin from the economy and zebpay moved to Singapore to continue their business! So new entrepreneurs are not willing to take further risks during such uncertain times, rather they are considering foreign land to start their business and foreign exchanges are eating out a big chunk from the pie!

Not sue what is meant by Golden age by the author! It's no golden age, just dark times for crypto communities in India!

Indeed. The government are blind. Foreign exchanges are dominating their market already and yet they don't let the entrepreneurs of their countries do anything, let alone themselves.They failed to see the past failures they've had, and now are almost repeating it for the second time. I don't know how OP described it as Ushering since they are still literally in the decision phase of what to do. The government of India is still deciding whether to stand up, create their own big ass companies that could potentially compete with Binance and other large exchanges after all .

The country is killing innovations through regulations, it seems that the regulatory authorities are lack of research or not interested to be part of the blockchain race. Instead of understanding the fundamentals of the technology they are throwing away the opportunity, pity close minded government.

Enjoyed reading the article by Gautam Sampathkumar. Being a resident of India, I fully agree with his views. But then, the government here is extremely hostile to the idea of cryptocurrency, and there is hardly anything that we can do about it. Many of the local exchanges were shut down and there was even an incident in which an individual was arrested for trying to install a Bitcoin ATM. The financial minister frequently makes statements against Bitcoin (despite being an alumni of the London School of Economics), and there is hardly any politician here who has taken a positive view of BTC.

As Mr. Sampathkumar points out, the refusal of the Indian government to allow local exchanges have meant that users are made to depend on peer-to-peer platforms, and foreign exchanges such as Binance, Huobi and OKex. This has led to the Indian government losing valuable tax revenues. Also, the hostile stance from the government has driven most of the crypto activity underground. And this has meant a rise in the incidence of scams and ponzi schemes using cryptocurrency.

The golden age must be coming. Policies and laws should reflect a government that is open-minded and updated to the latest technological advancements. This or they will get stuck in the old traditional systems. I have heard how India is showing refusal to adopt the cryptocurrency developments. This is highly disadvantageous to a country where the potential market is very vast. For sure, crypto companies look at the country as a viable place for their crypto products but since the leaders are not open for it, they are discouraged.

India if it can replicate China may be a very good opportunity for it. Like China, they started to adopt blockchain for governance.
And what about India? How good it is to try and not just as a means of investing in cryptocurrency.

Yeah, seems like so many Indian nationals are going for opportunities outside of their country. I personally work in an international organization with lots of officers from India. They are dark times for India indeed but the article talks of an "incoming" golden age which may put an  end to all this government bureaucracy.

Most probably, cryptocurrency will bring India to this golden age.

maybe..... if the legislature can pass some sensible legislation, and put to rest everyone's worries about these threats of prison time for cryptocurrency usage. (https://www.coindesk.com/indian-panel-proposes-ban-and-jail-time-for-cryptocurrency-use) until that happens, there will continue to be brain drain from india. it's untenable to launch crypto businesses there in this climate.

India is indeed a huge market for any thing but when it comes to crypto currency the government has neither banned crypto nor it will support but it's the banks who are threatening users to avoid bitcoin or crypto trading. Already many politicians and celebrities from India have invested into bitcoin so they cannot take firm stand against bitcoin ever. It's like a deadlock wherein as an organization the bankers and RBI don't want crypto influence in India but as an individual they are already involved in it. It will always be uncertain and I have seen so many India based crypto services provider moving out to Singapore as well as Estonia.

It is a really good article and it has all the essence showing how the free market initiation in the 1990 made a huge change and the economic liberation changed the fortunes of many and so is the reason we have more billionaires.

He is talking about the golden age in the current context as if they liberate the crypto market as it will be another a golden opportunity to make things better but there is a major difference, when the economic liberation happened in the early 90s there was a brilliant guy as the finance minister who has a doctorate in economics from Oxford and his name is Dr Manmohan Singh and now we have a finance minister who blames the millennials for the automobile sector crisis and if these people are ruling what changes can we expect  ::).

Mate, I'm not familiar with the government stance about cryptocurrency in India. Did they neutral, support, or oppose cryptocurrencies?
I heard they wanted to ban cryptocurrencies, but is it legal to invest in BTC, just like investing in commodity futures?

From my observation, a lot of bitcointalk users are from India. It must be demoralizing though?

Absolutely! Some people feel that bitcoin is the solution to all the world problems. But trust me it's really nothing like this. Bitcoin is merely a new type of currency just like we gold which we used hundreds of years ago but which ultimately failed because of the limited supply of money which we could create. I am not sure if Bitcoin would face a similar fate or not but it definitely is moving on the same path. If people see that merely investing in bitcoin would fetch them something then bitcoin is sure as hell going to fall because worth of an asset is due to it's utility not due to a mere hype.

they hate Cryptocurrency at all , as far i hear about news on some article , playing with crypto currency will get 10 years in the jail. hopefully is wrong. News (https://cointelegraph.com/news/indias-proposed-bitcoin-ban-is-already-driving-a-crypto-exodus)

even for btc they still hating it , it's sadly for me.


i have several friends from india on this forum, as i talk , he just say still fine enough.
i guess media exaggerating too much about it.

I don’t know why India is allowing some of these opportunities to sleep off their hands because they are still yet to regulate the cryptocurrency and rather than them even thinking of regulation, I think they are talking more of banning it which I think they will change their mind towards with time as china too has changed his mind.

They need to facilitate their decisions so that their young vibrant people could know their direction on bitcoin, although this does not stop them from participating if they want to, because the smart ones amongst them are still making lots of money from the cryptocurrency market by trading and by doing some other crypto related business that is thing them so much money, but I don’t know why the Indian government is now taking the issue of this cryptocurrency too personal like its affect them alone.

Being a citizen of India, I have to admit that things are getting worse here with every passing day. The government has made the life of cryptocurrency users hellish since 2014. They still don't have a clear policy with regards to cryptocurrency, but the users are getting harassed quite frequently. Local exchanges are not allowed, and anyone who has used his bank account for cryptocurrency purchase will have the funds frozen. On top of this, last year the IT department sent notices to more than 100,000 users, asking them to pay taxes on any possible profits from the trade of cryptocurrency.

I'm not that sure about the economic situation prevailing in India, but from various news sources they aren't good enough to make the country grow in economy with the policies. India has the population near to China, but they're competing with USA while India still strives hard to move from the third world countries list. This is the lack of technology support and immediate plan execution on necessity.