Bitcoin Forum

One good news from this article of : https://cointelegraph.com/news/tim-draper-wants-to-invest-in-the-coming-crypto-renaissance-in-india


India as the 2nd biggest in terms of population, being positive with crypto might do something positive in with their economy in the future.

What do you see years from now that India will achieve due to this declaration of lifting the ban of cryptocurrency?

Honestly? Not much.

We have pretty significant adoption of the cryptocurrencies all over the world right now and not much has changed imo. Oh, yeah, almost forgot - the only thing that changed is the fact that we have less freedom in the crypto world. You are now obligated to file tax reports, you can legally have your money stolen thanks to KYC laws or Binance may ask you to promise you'll never use BTC mixer services in order to get access to your own money. Where is the progress?

I'm not against BTC or progression. I honestly wish I'm wrong. But to me it looks more like regression. We're heading toward an era of control and it doesn't look like cryptocurrencies will be favored.

The recently legalized cryptocurrency, the country must be a good place for crypto user one day. Draper I think wouldn't be wasting his money for nothing, he knows there is a good future there when developments kicked in. In the coming years, India will have a good economy base on crypto as well and not surprisingly this crisis blockchain prove to be a useful technology.

That's normal, when the market is regulated by the government you'll have to pay taxes, no one is exempted as its the lifeblood of a nation.
The progress here is the overall market, which because of regulation, more investors will be willing to put their money and that would help the economy of India. Your concern is more on individual, and not paying taxes is illegal and without regulation the market will not grow, just think of the future, besides you won't have to pay taxes when you are not making anything.


Whether we like it or not, the government will always be in control, bitcoin can't compete with fiat, we will always need a 3rd party to convert our money which the government will try to control.

"Why pay taxes when they can just print money?"
One of my favorites.

The idea wasn't whether not paying taxes is or isn't legal. What I meant is that control isn't progress when it comes to cryptocurrencies. It's regress, in fact. Agree with me or not, we're going to be under control for any shit they want while there are corporations out there making billions and benefitting from tax relief of some sort.

India will probably have a big advantage: the fact that there's a lot of poverty and the salaries are very small. Hence, probably a lot of people with access to technology will start earning BTC. However, I maintain my point above.

I'm probably one out of the pretty small percentage that still is completely against control. That doesn't mean I'm a criminal, don't mistake anti-control for criminality.

India will surely improve its economy as more years will come. They are just already started and long way to go, it is more likely that they will develop their state of living. In China, as they are the most populated country and India is just second to it, there is a possibility that India will also improve its mass adoption. Mass adoption is one of the most important thing in cryptocurrency. Being optimistic about other countries' success are very essential to grow a communication between each other. Let's hope for more country to legalize bitcoin just like India to promote and have more population who uses it. After lifting the ban of cryptocurrency in India. The probability of mass adoption around the world will increase as those populations who are knowledgeable about crypto are also increasing.

Cryptocurrency legalization is still lacking in India. The court removed only some of the restrictions of the central bank of this country to banking and financial institutions as a whole with any operations related to cryptocurrency. Therefore, in India there is no legal regulation of cryptocurrency in general, and the government’s attitude to it is not entirely clear, given the fact that the special commission created by it recommended banning completely cryptocurrency in the country. We need to see what laws regarding cryptocurrency there will be adopted.

A country with a big population would benefit crypto as crypto is not yet fully adopted all over the world, they will be few of the countries that legalize crypto and therefore they'll reap the benefit of it. I believe the reason why they lift the ban of crypto in their country because they find it useful than a threat, of course crypto is not perfect but with proper regulation, it would be more useful for legal activities than on illegal activities.

It still depends on what's going to happen with the relationship between the government and with crypto. Sides, even without crypto, as long as India is willing to step out and grow, they have the capability to do so. As a country with a lot of room for improvement after all. Compared to countries like US that are already at the peak, countries that are around the lower bottom part have the biggest room for improvement as well as the biggest room to discover new ventures into economic growth. The only thing they pretty much lack is the avenue to support that growth of theirs, which unless someone is willing to work with them, then nothing is pretty much going to work.

If you believe that India is corrupt, they can certainly do that, but I am talking about a normal country here where there is a proper law and order.
They collect tax because this is compulsory, so we have no choice but to pay for it, otherwise we will face the consequences.

I fully understand what you are trying to imply, however, its' impossible that what we like will happen because we have government and we have laws to follow because we are citizen of a certain country.

Bitcoin will only be decentralized per system or transaction, but not anonymous in the monitoring of the government.
There is a big negative on government controlling as since they can spy on us but it's already their we can't eliminate that liberty of them.


I am pretty sure you belong to the smart percentage who will fight for decentralization, but I doubt you'll win against your government.
Bitcoin was only design as a system, the government design on how they'll implement that when they accepted that.

To have a positive impact on the economy the government has to have clarity on their stance and if you take a look at the present governance there is nothing positive to expect that as there is resistance after resistance for entrepreneurs first in the form of demonetization and then GST. 

The ban is lifted because people were fighting against the RBI regulation which forced the exchanges to close their doors and it took two years to get justice and imagine the loss these companies had to encounter during that period and considering the political system is not in favor you need to have a calculated risk while investment in India.

India does have the technical talents and there are many IT hubs in India and in the future we will see many promising projects in the blockchain market.

So what do you mean now everything will be controlled?
and forget the original purpose was formed for decentralization without anyone regulating it.
looks like this will be bad news.maybe in the future if regulations like this are not liked, they will try to change the regulation.

As far as I know, the Indian government and central bank are still not positive about cryptocurrencies. The ban was lifted because cryptocurrency companies won it in court. This is certainly very good information for all crypto enthusiasts. For investors, this is still not the best place to invest, because the central bank will definitely make their lives difficult. It will definitely have a positive impact on the development of cryptocurrencies in India, but until the government changes its attitude, this development will continue to be slow.

This news is just the same as Jack Dorsey sees Africa in a good time to invest for startups. Probably, Tim Draper just wants to put his investment somewhere and chose India.

With the news that it had before, showing a go signal for crypto will attract investors like him for startups and other crypto related businesses.

This is a very good model for aspiring entrepreneur because India is a growing potential when it comes to business possibility. India is also diverse in culture which makes it fun for people to work and have business there. One disadvantage I can think of is the pollution index of the country which contributes to suppression of the businesses.

India lifting its banning against crypto currency would be a great news for the crypto community because, there is a higher chance for its people to turn into using crypto currency which creates more demand and support for the platform especially, when the country consists a lot of population second to China.

Then maybe this is the beginning where crypto will grow in India, people are fighting for it as you said, so an adoption will not be hard to achieve.
What India needs is just to accept investors and create a clear regulation on crypto in the country so investors would fee safe investing their money.

I can feel this is just the beginning and India will be one of the country that will be competitive in terms of crypto adoption.

Population become good reason crypto will success in India but I must say government policy and equipment have bigger function. When talking about trade/ investment, there's quantity and quality, crypto must have both. Need more fresh fund for market and project development, if we only focus about quantity the result is only crowded network. So, one transaction with maximum quality is better than hundred quantity transaction with minimum quality.

I see amazing future ahead. Once we get out of corona crisis (fingers crossed) then first step would be stabilising ourselves from the economic crisis that we had. Then next step would be developing versatile projects that will motivate people to invest more into bitcoin and other altcoins.

Hopefully many genuine projects will take shape now and will call for big investors into the market. Not only this, with India's decision on removal of illegal allegations it middle man who will also think about the bitcoin as a way to investment.

I have seen huge number of indians who are involved into the stock markets and always looking for the opportunities. Then bitcoin would be their one step ahead.

India has been growing already, for the record, they have been targeting to send man to the space by 2021. So that alone speaks volume about the growth of India.

https://economictimes.indiatimes.com/news/science/india-will-send-man-to-space-by-dec-2021-isro-chief-k-sivan/articleshow/71234974.cms?from=mdr

As far as crypto adoption, with billions of people, just a small percentage might put a dent on crypto. They are far advance as far as their Information Technology is, so there could be a lot of possibilities for them to explore crypto or at least blockchain.

No idea about this, thanks for sharing it up mate.  :)

I am confident they'll develop more, there is no threat from the government since its been accepted and regulated already, now, there's no such thing that would stop them from developing the blockchain or crypto and that would have a significant effect to the economy.

To reply to the subject of this thread - No! Under the current government run by a religious party, I don't see India is moving towards development. It is indeed going back in time under this current regressive government and it will continue for few more years till the time this current government stays in power. This government is more interested in building statues and temples, instead of building schools and hospitals.

The verdict of Supreme Court is definitely a plus. But did we see any positive movement from government after that - No. Official documentation has been released by Central Bank. No direction is given by the Finance Ministry so far. So I don't see much hope under this current government. 

Hopefully they will realize that bitcoin is awesome for the whole nation. Think about how much money could go into India if they just allow bitcoin and crypto payments, it could be world changing for them. Maybe right now is a dangerous time for everyone around the world and that is why I can say it is risky to get in right now, but India has something different in bitcoin world than all other nations.

They do not have to buy low and sell high to make money, they are known to work with USA for software related stuff and telecommunications, if they could somehow make that into crypto world, they could open up a whole new world for themselves and could make millions of dollars (nationwide) every single day, that is half a billion dollars income they would otherwise couldn't get.

Being an Indian, I would say that the Indian government doesn't hold any blind hatred towards cryptocurrencies. India is a country with a huge grey/black economy, and therefore the government is concerned about the usage of cryptocurrencies for purposes such as tax evasion and crime. And I have to say that their concerns are very logical. In the recent months, we have seen some of the hostile policies towards cryptocurrencies being removed. And that makes me optimistic about the future.

You actually called the right moments because of which governments are negatively acting on cryptocurrencies.  As always, criminals and scammers cast a huge shadow over the entire cryptocurrency market and everything connected with it, but nevertheless, the use of cryptocurrency for criminal purposes and tax evasion should not be a reason for banning cryptocurrency in general.  It is better that the government of India legalizes cryptocurrency and legally monitors the activities of citizens in the cryptocurrency market.  I believe that in this way the negative impact on cryptocurrency in your country will decrease.  Of course, for this it will be necessary to identify each user, i.e. provide kyc and pay taxes, but it seems to me that if you lose anonymity, you will have stability and security.

But this all is not easy they need some good time for this all because right now they are facing some serious problems in many sectors few years back they was really model for many emerging countries but suddenly its all burnt but good thing they can handle things but need transparency and some stick policies if they able to do this then surely they could be role modle and one of most progressive countries in crypto world.

Of course it will. After the 90s, India's economy has improved significantly. There are many specialists who can resist the ban on cryptocurrencies, in a couple of years, India will deal with the number of bitcoins and the number of people in the crypto community.

22% of Indian population is poor and it is funny how the government describes poverty , The World Bank defines poverty in absolute terms. The bank defines extreme poverty as living on less than US$1.90 per day. (PPP), and moderate poverty as less than $3.10 a day .
This is funny if you are going to survive in a world I do think you would need much more than that .
In the upcoming years first government needs to focus on the society which is lagging behind and more or so it is not in the hand of the government to do anything , it's the personal decision of people who decides to use cryptocurrencies or no .
Mostly in India people think of buying gold and silver as a safe heaven , but with the youngsters out there this is changing .

right, the development of India seems to make India as a country to be reckoned with by the world, especially since India has a large population, so that if it can use it like China, then India will become a developed country, especially in the field of technology, where they succeeded in space

India is currently enjoying a demographic bonus of productive age. Demographic bonus is a combination of concepts between demography and economy. There are potential economic benefits that can be obtained by a country/region because the population is predominantly of the productive age. The demographic bonus appears when the productive age rating (15–64 years) is 70% of the total population. In essence, the 70% will support 30% of the age of non-productive life.

Physically, the advantage of a demographic bonus is the availability of workers of productive age as the main supporting resources for development and economic growth. The development of education in India has long supported the development of technology-based industries, so India emphasizes science and technology-based education, English is used at all levels of education, free education to the high school level, and equal distribution of education without caste discrimination.

India is very observant to see the development of the times. India has invested heavily in IT companies and their development in this area (this explains the high unemployment rate in India). India's competitive power is extraordinary. This is what makes many Indians on average more victorious on the international scene. Technology is spread evenly in India, Indian society is also known internationally to be very adaptive so that they are on average easier to learn new things. In addition, Indian society is also accustomed to print and electronic media that use English.

With the explanation above, I think cryptocurrency will develop rapidly in India, despite high poverty rates. But India has been well prepared for cryptocurrency.

Nobody seem to be talking about the newly elected government in India. India just had there election I think so and the way the crypto adoption will go depends on the new system at hand. So if the system is in line with cryptocurrency transactions, then will simply know the dimension as simple as that vice versa.

No pal, last general elections in India were held in May 2019. Moreover, same political party has been re-elected so there is no change in the outlook towards Bitcoin from Indian government.

Current government has a view that cryptocurrencies is dangerous for investors and can promote money laundering and corruption. But at the same time, it is well-aware that cryptocurrencies have already spread among large population so completely banning them will create havoc among people. So it formed a committee in 2017 to deeply think what kind of regulations can be issued for the usage of cryptocurrencies.

Moreover, after Supreme Court's recent judgement, Indian government is more pressurized to not issue blanket ban on cryptocurrencies. I don't think we will hear anything on cryptocurrencies from Indian government for next 2-3 years at least so anyone who likes to start crypto based venture in India is most welcome. No-regulation situation will help you to do business as well as save lots of tax by choosing appropriate Income Tax sections according to your business.

Trust me when I say this (as I'm from India itself), I don't really believe in your belief. Many reasons are there including but not limited to:

- We had been enjoying some really good profits until this allowance, but this has now shown that the Governments will involve completely into this by initially breaking our privacy (which is what BTC is for) as well as levying unnecessary taxes (you know the cost of Petrol in India right now, even when the price of oil in international markets has stumbled down badly due to Corona).

- As Coronavirus has impacted us all globally, I believe it won't be easy for India to get out of the economic slowdown for the next few years considering that the lockdown period may still be promoted ahead.

First of all, I don't think the Indian government is supporting cryptocurrencies because they didn't make the cryptos legal yet, only their supreme court removed the restrictions given by the RBI so nothing to be positive and I don't think any government will focus on cryptos now since they have lot more issues to be resolved.

The question is interesting. Today I came across a video in which Indian police control quarantine by using batons.
Moreover, not every one of them wears protective masks. It seems to me that in India there will be a catastrophic situation, especially given the love of Indians to drink dirty water.

The clarity from the government is lacking regarding the legalization of crypto. The government will not stop the private IT companies to thrive in developing the blockchain platform but the currency part of it will be questioned and that is the case with many countries.

The rich becomes richer and the poor becomes poorer and that is a statement to worry, the space research is well advanced and no one will question that, what about the job opportunities and the economy slow down which was well present even before the Covid shut down. What about the people staying in slum share one toilet for 1440 people  (https://edition.cnn.com/2020/03/30/india/india-coronavirus-social-distancing-intl-hnk/index.html). These are crazy numbers when you talk about sending people to space when they do not have basic infrastructure.


The police brutality is on the rise as they are using force during this period, there is no clarity regarding how to purchase necessary things and the petrol bunks are closed for the general public.

Not sure which country you are from, but not everyone in any country will drink unhygienic contents if they are able to afford, the poor who are not able to afford good food and water will adjust to the situation and that is the case with every country.

I am from India and as you said india is 2nd biggest country in poplulation but the thing is almost 98% people in india don't know about cryptocurrency in rurel area they will not even belive about it , so i do not think it will put any big diffrence :)

I think this is a good way to start for India to engage in cryptocurrency, having almost 98% of population who are ignorant about cryptocurrency is not a hindrance for them to achieve mass adoption. The only thing that they should do is to become courageous to achieve development in promotion of cryptocurrency if they really want it. They have a huge population and I believe that it is easy for them to spread the good information and benefits of using cryptocurrency in their community and economy. The Supreme Court should really push this issue and crypto companies should keep on making changes so that people will trust the process of cryptocurrency.

As long as BJP continues to govern India, I don't see the cryptocurrency sector advancing in any aspect over there unless courts like the Supreme Court continue to challenge their bans and other crap which they tend to pull on a regular basis.

Also, 3rd world countries like India are plagued by corruption to a great extent and crypto is pushing corruption down to a small degree as of now, but that could change if more Indian investors invest into this volatile market.

It depends because even though India have make use of having cryptocurrency in their country, still it does not assure that it will lead them into progress. There are still needed ways to let their country be progressive and that was not just to primarily depend on using cryptocurrencies. There are already lots of countries who have been using cryptocurrencies for a while but still the progress of their country totally relies on the resilience of their government and how the people coordinate to be able to have one goal to be achieve and that is to make everything in order to gain success and progress.

Also, it is in need for India to totally create mass adaption and usage of cryptocurrency in order to make it enrich. People in India must thoroughly understand how they can be able to use it effectively and wisely. But still there is no such assurance on that their country will progress because of that. The key for them to achieve such progress is to of course lies on their government and its people.

Because India has a large population, even including 2nd biggest country in poplulation after China. That does not guarantee there is
a mass adoption of cryptocurrency in India, it depends on the crypto community in India how to educate Indian people in order to know
more about cryptocurrency. And also needed support from the Indian government, in fact several times the government will do banned
against cryptocurrency. This is what makes cryptocurrency in India used only 2% of its population. But see enthusiasm crypto community
in India, I am sure there will be more progressive in the coming years in India.

The economic struggles in India started well before the covid situation and the government will blame everything on the global pandemic and try to convince people about it as they know how to fool the general population. If you take a look back the major slowdown started with demonetization which was a big blunder and then the GST which harmed many industries directly and indirectly and then the Modi government was busy selling all the Public sector undertakings and it will be a big problem in the future and basically the government was destroying everything step by step and it will have a big impact on the economy.

When it comes to legalization they did not do shit, all we have is rumors of bill and i have heard stupid perception of the BTCitcoin market from some of the ministers under his government and i think it is the general perception of the party and i do not believe we will see anything good from a party who has identity politics as their main agenda.

Hence the ban lifted off in India, i believe in the process of progress will be good on their country and it will be a good opportunities to come in the crypto sectors that will bring good benefits to them. Adoption will be slowly in progress and everything should be taken one at time to make a successful progress for coming years in India. More Indians are more delighted and more interested on crypto hence their government now allows in their country.

Everything comes at a cost. You cannot expect the government of a country to allow people to freely transact money and do nothing about it. People would have taxes by doing so and even carry out illegal activities which will strong impact the countries infrastructure.

For me, it’s a nice thing that government is taking initiatives to accept the technology and making it regulated so everyone will be able to make use of it for a justified purpose and not something scandalous. Decentralization and government cannot go hand in hand but regulated decentralized crypto and government can. It is all about regulation and not control.

Even if the government of India have reversed it's decision with regards to the banning of cryptocurrencies and now open its engagement into using cryptocurrencies, still there is no assurance that progress will work out into their country because existence of cryptocurrency in a country will not make sure that the economy will positively grow in an instant. It would take time and that's for sure. Let us just all see if what will happen to the adaptation done by India if its government and people will make good use of it to help the funding of their economy that could help them lead to progress or they would still remain the same due to the reason that only few of the people can be able to use and adapt on using cryptocurrencies.

Still the progress of the economy of India must not dependently only relies on the existence of cryptocurrencies in their country because there are already lots of countries who have openly adapt using cryptocurrencies at the very first but still the progress of their economy have relied into the capacity of their country to manage on how they would deal to make their country progressive. Simply, the effort of country's government and its people would be a big count to make their economy grow into a progressive one.

From what I do know about India's current state of things, in regards to cryptocurrency is that it's pretty bleak. Though it's currently legal, the government certainly isn't for it.  However I think like all things, eventually the country will come around when the "youth" takes over.  As for anything in this world I think most countries are ran by "non-internet era" baby boomers and that is starting to change. With that change comes the youth movement which is much more accepting of these types of technologies.

Waiting after corona virus ended and give chance for Indian to get recovery for their economic and give space to use bitcoin as trading and investing again, when bitcoin have been raise I think many people looks interested to buy and hold bitcoin for the future. India look serious how to build bitcoin as their way and good moment.

Although I am not an Indian citizen, I am a regular traveler to India and I know how the system works there. At least regarding the cryptocurrency, the lawmakers (regardless of the political affiliation) are more or less neutral. They are not overly opposed to it, or in support of it. The problem is with some of the bureaucrats who help in formulating the government policy. Some of these guys do have issues with cryptocurrency and they regularly urge the lawmakers to adopt tougher measures against crypto trading. Fortunately till now, the government has ignored them. But overall, the cryptocurrency users in India face a lot of harassment and lack of clarity related to tax liability and legality.

with those many bannings happening on india i dont think they will become progressive in the coming years . we know they ban cryptos and recently i heard a news that tiktok was banned on them . there are games and other social media  that was banned on this country before but most of the countries didnt do that even if all of those can cause bad effects because most countries only thinkd that they need it to continue progressing  . not  all of them are only bad but they can be beneficial too

They follow the same path that the Chinese are doing. They allow BTC and then the next morning you see in the news they aren't already. But eventually, people will figure that their government has no means of disallowing blockchain and cryptocurrency.

Since Draper invested in the country, he must have known something that we don't.  Where else does the economy of a country that hit rock bottom but up.

Porn is banned in India.  ;D

That says a lot about how progressive this country is. Regarding cryptocurrency, we don't have any blanket ban as such. But users face a lot of persecution and intimidation from the authorities. They will arrest someone for trading in cryptocurrency, saying that he doesn't possess the mandatory license. But then they will remain silent, if someone ask why no such license has been issued to anyone till now.

Providing a cryptocurrency legal framework and imposing some anti-crypto regulations are two completely different things. The amount of illegal activities going on with BTC is insesizable considering the fiat criminal activity volume. Yet, you can purchase stuff online without having your money seized for suspiciousness.

I would personally not even call it "Bitcoin regulations" anymore. They're just anti cryptocurrencies and anti decentralization. Makes no sense to have regulations that supposedly support a decentralized coin if through them the state enforces a third party into the game. That's not support - it's some sort of war our states began against us that most do not even feel.

Legal but still on the table for the talking. India has been never sure of the cryptocurrencies, there are many implications seen after they legalized it as we know Indians do abuse what can be a source of income. Today it is legal, then tomorrow you'll hear on the news it is prohibited again. Their government know how their people would react if they legalized it or not, best if they do but if they don't it's up to them.

The changing environment is inevitable, 10 years from now people are be more likely to accept things digitally, less anxious when things are getting done online because today? there are still a lot of people who doubt the digital process, they think it is always a scam, they think they it will just ruin them so they are accepting things manually although it consumes a lot of time.

Just wanna share you guys, my mom told me to pay for our internet so she told me to go to the bank but since we have our community rules going outside is very limited so I decided to look for an option online  and found out that it could be done in online, all I need is a wallet balance for an e-wallet then I talked to my mom, I said I'll be paying it online so I won't need to go outside and guess what she has said

" No, don't "

Now I got an idea on what we are dealing with transitioning, it is quite impossible to jump from digital in 5 to 8 years. Wait til we get old enough.

In India there is a greater chance for crypto to make a difference and they also do have some of the cheapest mobile contracts available anywhere in the world so the possibility there in theory.    However a large part of the population dont have easy access, to actually buy the phone that can run the app; its a major purchase and not justified for many.     Having free payments and ability to do commerce across such a vast land even where they have no conventional banking, this could easily be a positive that I hope nobody would dismiss as productive and beneficial both to India and crypto itself by being part of enabling growth.    
   The most important part of Bitcoin I've always thought is the easy ability to deal with very small amounts and with low fees, that part will be vital for the masses not the elite.  Bitcoin has to be part of creating reliability for small business to do well, if it does it will change the world imo.   The greatest growth in any country of the world will always come from the smallest elements, the smallest enterprise can double in a year which no great global enterprise can rival for raw energy.

It is Muslim Country mate so surely Porn will be banned ,and nothing people can do about that as they are need to follow(majority is muslim then christian and other religion will have no voice regarding everything in Porn issue.
Months after the legalization another issue comes out and the banning are again the topic.

Why not have privacy when everything is almost banned in that country?

Indian government has always been confused and indecisive about bitcoins and their usage because earlier they banned bitcoins and made a clear statement that no transactions are allowed. Suddenly all the exchanges that were developed had to shutdown and later they said that they don't appreciate bitcoins but allow the transactions.

the government needs to understand that in a country where the tech is already so far behind, if they won't allow exchanges an other startups to operate how do they see any progress at all? I mean they should be encouraging such startups while they are actually against them which doesn't give positive signals about progress in coming time.

Its minority muslim thats why Pakistan (https://talkimg.com/images/2023/06/12/Aogtq.png) exists, they have a different faith.   Doesn't mean the country has to be authoritarian in their regulations even if the country has much of the population following a faith but its probably important to note that country does seem to take this stance of heavy enforcement of every policy dynamic and section of the economy.   Im not sure India (https://talkimg.com/images/2023/06/12/Aoicj.png) could be described as capitalist now or in future but I have that view of many countries with large central banks which dictate policy, it applies to large parts of europe which is also a trading syndicate.   We dont have that many countries in perfect freedom

The government of India in the first place should change its perspective on bitcoin or cryptos so that progress for their country will be achieved. I believe that crypto and this blockchain technology could create a great advantage towards the country's improvement if crypto will be legally adopted and will be fully supported by the government.

The acceptance and adaptation of India when it comes to the usage of Bitcoin was really great but honestly there is still a confusion on their perspective because all of a sudden they are changing up their minds about the acceptance of usage but prohibiting the use as a mode of payment. Indecisive about what they are really into when it comes to Bitcoin usage which must be settled first before seeing what their progress would be since they have already allow Bitcoin usage on their country.

But the adaptation and acceptance of cryptocurrency in India does not momentarily state that they will already get into a progress. Although adaptation of crypto might have an impact on their economy, but still there are other factors that must be considered to totally make their country progressive and those are dependently rely on their government and people.

Now the restrictions have been lifted, even Binance started to develop their trading platform in India so they bought an exchange called Wazirx few months back so definitely there is a potential market in India but as you said government proposed a draft to ban cryptos completely so its like confused status there.

Making something success in a highly populated nation isn't a easy task, by the time if everything goes in the right track then in a very short time one can make the best return out of the investment. Maybe that's the reason Tim Draper is with the plan of investing on Indian Ventures. Already India had got a large number of startup functioning on the blockchain technology. Indian government too seems to be supportive compared to the past. So all these positive factors can make a big change in the crypto industry of India in the coming years.

Adoption is never easy to achieve if people are not that knowledgeable towards something at you are rooting for.

If they are not willing to adopt bitcoin and you will not let them to become into it, then it takes a lot of time for them to completely adopt cryptocurrency in their economy. India is one of those developing countries, and probably it is not that hard for them to recognize cryptocurrency as an another type of currency. India is also a business-minded when it comes to that and when it talks about money they will not hesitate to study about it.

The only thing that matters to the government is its benefits on legalization of the use of cryptocurrency.

India is already showing phenomenal economic growth rates and I will not be surprised when India follows China's example and forms the practical third largest economy in the world. I believe that in the near future countries such as India and China will offer the world cheaper raw materials and products, which will make India a world leader.

I think we should not just base the economic growth of India to the incoming investors of the country to crypto currencies. There are other factors that the country is now following China in this terms. Right now articles are stating that the country's GDP will lose its momentum this 3rd quarter.

Link here. (https://timesofindia.indiatimes.com/business/india-business/gdp-growth-to-lose-momentum-from-q3-report/articleshow/77225160.cms)

India is India's second-most populous country after China. India will be more progressive in the coming years due to its good connectivity with China. Even after suffering so much from the effects of the epidemic, the Indian government will be able to develop their country very quickly. India is already considering legalizing crypto. If India supports crypto, they will quickly become more progressive.

Almost every country is going to face that situation in 2nd and 3rd quarter probably for some years due to the crisis made by covid 19 but particularly about crypto market we can see the growth, more exchanges started to operate which will bring more revenue than before so there is a lot of potential there for investors.

I think India is too inclined to America to imitate the steps of China in developing its economy. The alignments and military alliance taken by India is a trap of India's progress in the future. Comparing India and China is not appropriate, these two countries are on different trajectories. China is far from being overtaken by India. Until now the Indian industry still relies on imports, unlike China, which is more independent. India is busy with GDP while China is focused on building GNP.

Without a grand strategy, India will only be a price taker not a price maker. India's desire to become a new regional power is precisely a mistake because its national resilience is still very weak, poverty rates are still high, the government should focus on strengthening national resilience rather than on the global political scene.

If India supports crypto and people adopt crypto in their regular life then Indian economy really has a chance to be revived in the next 3-5 years

Since India has a large population so this can also act as an advantage if utilised and groomed the people well. So, there is no labour problem, land is available and in rural areas if the electricity and water supply can be connected well then, many industries could be setup their so the cost will of manufactured products will be less and can be exported at reasonable prices.

India has an advantage in terms of population and if they continue using cryptocurrency and legalize it then there is a possibility that they become more progressive in the coming years. Also India is a county that has a different strategy to become successful and help their economy not to collapse totally.

It is true that the investors of crypto currencies as well as crypto markets are increasing, but what I am trying to say is that there are other ways that India made their economy grow. They are mainly affected by the pandemic and I guess if that didn't happen their economy would continue to rise and their acceptance of crypto currencies will help that as well.

i think large population isnt an advantage but the more population the more the country will experiences poorness  . its like when a family is large , on my place there are many of them and i often see them in difficult situations  .

  i dont know if whats the strategy of india and why it is differ to others but i like that , that sounds exciting to witness if what are they going to show next in order to survive and to progressive   .

I am not an Indian citizen but very interested in the economic development in India country. Many people argue that if densely
populated population will make many of its citizens poor. In my opinion the opinion is not entirely correct, because if we see
China with over population does not make their country poor. So I am very sure that India will be more progressive in the future.
Especially the cryptocurrency community in India is quite large, I am optimistic that cryptocurrency is legalized and widely adopted
in India, will trigger India's economy getting better.

I din't think we should expect something from this.

The users of cryptocurrencies in India would increase but I don't think it would impact the market that much. Some are talking about the economy effect of it but I don't think it would be that huge. It is a good venture and I hope more and more would come to use it since they have a huge population. 

The lifting of the ban on one thing != a sharp increase in prosperity in the country.
Sorry, but there are far more problems of a more serious order than the ban on cryptocurrency that would immediately cause its removal "rapid growth and unprecedented development". We can say that at the moment cryptocurrency is a boon for the countries of the 1st world where there are no global problems and people need individual things and not a total fix.

   Janation I can't agree with you, with huge population countries like India have power to affect the market a lot. We can just
say there's no enough Bitcoins for all the people who live there, and can you imagine what would happen with price if every
person from there buys BTC? Countries like India can rise demand to the roof!
   India could become more progressive in the coming years, but will it happen? I think it's possible with good organizations,
smart ideas, but when I see them struggling with banning crypto-currencies I don't think they are opened enough for new
technologies.

I can't speak on behalf of over a billion people, we can't know that and there is no way to calculate a whole nation like that combined, unfortunately when you generalize a whole bunch of people together, you could always be wrong, there are individuals there that you do not take into consideration and that is why I do not support the notion of making specific generalization.

I however do not mind making the globe as an example, because in that sense you do not generalize anyone, you generalize a whole species (humans) and that is never racist or anything, you put everyone all different into same pot instead of saying just Indians or Americans or anything, you say all humans. And I believe all humans will become both more progressive but more conservative and that is how it works.

What is "progressive" today, like green world, equality, police brutality and so forth, all will be conservative thoughts in 50 years, they will be already done and achieved and succeeded, there will be even more marginal progressive thoughts in 50 years, those will be the progressives, but of course we can say the whole world will keep on progressing.

Population at times is a burden or can even act as an advantage too . Only thing is that one should be able to streamline things in such a way that each person, capability can be if utilised it can do wonders, but when corruption overpowers it things become dangerous and the situation and country both starts to experience population as a burden.

Actually it was bleak but now they have lifted any sort of restrictions from bitcoins purchase and trading.


You can't expect the government to promote bitcoins right? It was a good enough decision to allow trades.


Yes and India has the highest youth percentage if I am not wrong so the use of technology and new systems would be more and more appreciated by Indians and hopefully they do accept bitcoins as a legal currency or at least a recognized payment method because that would be pretty cool. I mean they can maybe work with some company like bitpay who provide receipts,etc by payments with bitcoins.

Indian crypto market gained after this pandemic, read somewhere that almost 40% spike in the transaction on Indian exchanges so particularly Indian crypto market looks healthy but the government is trying to pull back the market and wanted to shut it completely by proposing a jail and huge amount of penalty but it is not yet implemented.

The Indian government has proven to be abusive, cloth eared and crude in its dealings with its own people. Witness that bank note cancellation and the restrictions on gold imports. None of that points to them showing any vision or nuance when it comes to crypto.

It'll take a new generation and if they become an industrial powerhouse like China even they won't really care. If I were an Indian I'd be doing it on my own in the shadows with no expectation of anything changing.

You are right that India has been trying to imitate the so-called free market capitalism of US after over 65 years of planned economy. The problem is that there is no institutional maturity to actually go on such a trajectory. The kind of intellectual capital needed for this has been exported from India since the beginning of information era. There are Indian fingerprints on everything from the Fiber Optic communication to the first usable memories and processors. The government and industry have failed to provide the same kind of environment to retain this talent within the country.

All sensible Indians understand the difference between India and China. All this recent jingoism driven drama on Social media is perpetuated by the IT cell of our ruling party with people spreading fake news and chest thumping about minor victories. The recent drama over 5 fucking fighter jets in the Indian media was truly embarrassing.

I don't know what you mean by "national resilience". India has no desire to become a regional power as of now but it is our bad luck that we have neighbors who are ideological opposites of us. The impoverished nation of Pakistan has a population and a military bred and fed on the concept that the very existence of a nation of idol-worshiping nation of Hindus (and the constant defeats of the Islamic republic at their hands) is an affront to them. On the other side, we have a strong and belligerent China that is out with its propaganda of a communist utopia. The success of biggest democracy next door cannot sit well with its plans. Not to mention that India keeps putting a spanner into their grand plans with non-cooperation on BRI etc.
India's Geo-strategic reality forces it to maintain an Army that can fight a two-front war if such a time comes. So, honestly, you cannot blame India for TRYING to project that it is an equal to China. It is for its very survival.

Cheers to that.

What do you think that the Modi government is trying hard during his reign in power, selling all the profit making public sector companies and what does it denotes in the long run and right now we can call it  crony capitalism.

Adoption of BTCitcoin will give the individuals the freedom to trade globally without restrictions and that is the case with other countries but whether it will boost the economy is doubtful until the government is able to attract investors to invest in the country rather than adopting BTCitcoin.


The present government does not have a clue what they are doing, all they focus is to gain media publicity by showing some gimmick stunts but lacks any vision on how to continue the growth attained by the past government.

The funny aspect is that it took 5 years to get 5 Rafale fighter jets and the price they pay is huge and the negative aspect is that they import most or all the weapons. The IT cell is active for years and the only reason i still see them in power till this day is because of the power of spreading fake news in social media ;D.

Changes? You mean by people making use of cryptocurrency or Tim Draper investing in their country?
As for Tim Draper investing in their economy, or sure that will have some good impact and will be helping their economy, especially when the company he has invested in is doing well, it will be a good thing for the country in so many ways. If you’re referring to cryptocurrency, I can’t really tell what the changes are going to be, except that it gives people full control over their money and the ability to quickly send and receive payment, apart from that I can’t say any other thing.

I think there is a very low chance because COVID-19 effect India very badly. and India invest too much in medical treatment, so there is a low budget for developmental work

India is a difficult country in the use and circulation of cryptocurrencies. In this country, all crypto-related activities are banned and monitored by banks and governments. I think that's why Binance acquired WarirX in 2019.
In the future, India may loosen crypto regulations, but perhaps not by much.

The OP was talking about progressiveness (especially in the context of cryptocurrency) and not about development. I have been to India multiple times (in fact I am a regular visitor) and the stone-age views about cryptocurrency, cannabis, porn, prostitution and gambling irritates me. They need to become a part of the modern world by removing these archaic restrictions. But till now, there is very little signs of anything positive happening.

India has a lot of potential to become a blockchain development country because they have many technology engineers.  In recent years, they have both led the way in information technology development, blockchain will be developed and used by businesses.  The government will have to change regulations on cryptocurrencies for these businesses to thrive.  After the pandemic, they recognized a rhyme in management practices.  Blockchain would be a good idea for them in this case.

The stone age perspective is in the eyes of a foreigner, there are around millions of cryptocurrency users registered in difference exchanges in India and when it comes to porn India ranks in the top 3 position globally on porn sites and prostitution is not even grey in cities, you ask anyone public drivers and they will guide you  :P if not if you search online you could get the details of plenty of girls and then there are pick up bars in every major city, i accept the gambling part as it is done more secretively than the rest of the things you mentioned and hence do not be irritated about these things ;).
I have my opinion against the economic policies of the ruling government and it is the only aspect that will doom everything.

I heard even facebook helped the the current ruling party in supression of hate speech against their ruled period even now it has been asked as big question when they say chinese apps are big danger to the Indian citizens.In the next 5 years or so most of the IT companies will move to AI based works and India is going to affect a lot when AI takes the place of minor works especially the tally and accounting works.

India is investing a lot in education and is already leading in some sectors of engineering. The domination of Indian tech companies will likely continue in the near future. But there are also bad trends happening in India right now. It seems very likely that India will be affected the most of corona. We can't know how long this pandemic is going to last but the negative effects are felt in India especially hard.

I'm obviously a latecomer to this thread, but is the above statement true?  I hadn't heard of Binance imposing any such restrictions on its customers--but then again, I haven't been one of their customers in a long time and I don't use mixers anyway.  If that is indeed the case, I'm sure it's not something Binance has chosen to do; I'm sure governments hate mixers with a passion.

But anyway, none of that means there hasn't been and can't still be progress in cryptocurrency, not just in India but all over the world.  There are a lot of Indian members of the forum, but I wonder how many Indians own or use some type of crypto as a percentage of India's population.  I bet the figure is pretty low, and I'd also bet that there's a lot of room for progress. 

I'd agree with that 100%, and it's a general truth that any given country is probably a lot different than how most foreigners perceive it to be, unless they've been there themselves.  I hear stories about Indians shitting in the streets, but having met some who've immigrated to the US, I've found them to be very intelligent and civilized.  I don't know much about their culture, but I don't think India is in the stone ages as far as crypto goes.

I am a regular visitor to India and I have my relatives there. On average I spend 1-2 months in India every year. I don't mean to disrespect the Indians, but the government attitude towards cryptocurrency and other domains are outdated. The last time someone tried to setup a Bitcoin ATM in India, he was arrested and the ATM machine was confiscated. There are millions of cryptocurrency users in India, but doing so is not strictly legal. Cryptocurrency in India exists in the grey zone. Since there are no laws or regulations regarding cryptocurrency, it is open to interpretation by the law enforcement officials. And this can cause issues for foreigners like me.

Other things that I mentioned in my post are true. India is a country which has banned porn and gambling. Do you think that these are very progressive steps? From what I have seen, the people tend to be very hypocrite. India is one of the top consumers of porn and still they don't want to admit that. The same goes for other domains, such as prostitution, gambling and alcohol.

BTW, this topic was about the "Indian progressiveness".

There are a lot of factors that play regarding progression in India, their population will inflate surely and the solution will not be easily formulated as the country have a very strict religion and everyone should respect that. With correlation to the inflation of population, the index for pollution will also increase. If the continuous tension between Pakistan and India will not be resolved in the coming years it will also affect but based on articles I have read about the opening of Kartarpur corridor, I hope this will be a step to a peace between these two nations. I am not an expert in economics but with the problems I present above, if they are not resolved or alleviated at least, then India will be having a problem.

I think India will make a progress in the future because even their country is the second biggest population in the world, they have a lot of successful engineers and information technology students. So these successful people could start buying or using cryptocurrencies for their business and as an investment, since India have lifted the banned in cryptocurrency that will result a successful economy.

Getting into crypto does not guarantee that a certain country will get into instant progression for the adaption does not in state that people in India can work on using crypto effectively and make use of it wisely. The progress in India still relies on their government and people to work together to provide works that will make their economy rise with or even without crypto. Yes, as some point crypto could help due to revenues that can be gained but that will not certainly assure that it would make India progressive in the upcoming years. The progress in India must not be just reliant on using crypto but as well as improving their way of living and making good use of available resources so that they can achieve having a progress on their country. The progression of a certain country is always open to make happen depending on how its people will act to achieve it.

Before anyone want to post here, please go through this link:

https://www.coindesk.com/india-said-to-be-preparing-to-ban-cryptocurrency-trading-bloomberg



Anyone still want to talk about progressiveness? Banning cryptocurrency is now taken as a sign of progressiveness?

As I said earlier, for a foreigner it is extremely difficult to do business in India. The laws and regulations are still stuck in the stone age and a lot of power lies with the bureaucrats. Corruption is everywhere and it is almost impossible to get past red tape and bureaucracy. There have been some progress since Modi became the Prime Minister in 2014, but it will take ages for India to become a business friendly nation.

India is a great country with a lot to achieve in the future.  India has a very large population (slightly less than China).  Traditionally, there are very good IT professionals working in India.  Pharmacology is well developed.  India also pursues a peaceful foreign policy, maintaining partnerships with the United States, Russia and China.  

Banning cryptocurrencies is not the best solution.  

It slows down the development of the country.

Liberalization of legislation in the field of cryptocurrencies, lifting of bans will allow India to become a world leader in the creation of new technologies.

Due to many restrictions and local based problems many technical and good skilles peoples migrating which is biggest issue right now because in recent years there are too many issues as well and governement is completely fail to settel things in positive way due to their own agenda but if they want to do some good then surely now its time to act very quickly with then help or some very professional peoples to go in better way for bright future.

The government policies seems to be supportive to the cryptocurrency market, at the same time the policy changes can take place anytime. Government has the entire control, it is a big Market and easy to reach the people. If the company have made a big turnover and further if the government isn't satisfied with any of the move surely it'll take possession. Positivity is part of growth, same time the negative also need to be analysed.

I believe India has always the capabilities to achieve such goal, it's just a matter of when are they going to work on it. Most people think India is a third-world country because of the quality of life of a percentage of people living there but it also can be considered a second-world or even a first-world country given their resources and technology.

India's government policy in recent times regarding cryptocurrencies and bitcoin in particular has been expressed in any blocking, because this, in their opinion, helped to promote the state system of transfers between the population. But the gradual adoption of bitcoin by an increasing number of states should undoubtedly affect the change in the position of the state authorities of India on this issue.

There is a proposal to make GST applicable on cryptocurrency purchases and the rates are rumored to be around 18%. If this proposal is implemented, then things will get really tough for the cryptocurrency investors. Already they have to pay capital gains tax of up to 31% and the GST may take it to well beyond 50% (GST will be charged on the total amount, and not just on the profits).

We know that India is the one has grew more population in the world but the Indian government is open minded to solve the problem in there country. Also the people in India has a good education and also good profession that can help a lot there.

Cryptocurrencies there is very popular and if the government still blocking or banning this in there county it is a big lost. Like other said crypto can help also the economy of every country because its can give a work or income to the user of it. And we know that every countries have need to accept this because its very helpful to us.

Population explosion is the root cause for most of the issues in India. The population has already touched 1.4 billion and it is growing by around 25 million every year. Only around 1% of the population pays any income tax at all. That means that this 1% needs to subsidize the remaining 99%. The tax burden is very heavy on those who are in the tax bracket. With the Bitcoin prices increasing quite sharply, I expect the government to tighten the cryptocurrency trade within the country and increase the tax rates.

Russian programmers highly appreciate the professionalism of Indian programmers.  Bureaucracy is a disaster for many countries ...

Now we are witnessing a departure from the principles of globalism.  The USA, EU, China, Russia, India are focused on developing their own economies.  India and China have a great competitive advantage with their large populations.  If the country has 150 million people, then it is unprofitable for it to produce products for domestic consumption, because the domestic demand for these products is low. 

It's another matter if the population of a country is more than 1 billion people.  In this case, it is cost-effective to build factories, plants, create your own operating systems, etc.

Nigeria last year was ranked 2nd in crypto-related investment and seriously I didn't see how this affects the economy as a whole. Individually that is into this might have a lot to say like me which have positive investment but as a country no way this may not apply to India though

From my point of view if they are high ranked in crypto-related investments that will be a great for them! The ones who got in first will have more benefits in the future, as always there will be countries that will come in too late.
Nigeria with almost 200 million people is a big country, and what to say about India, they are even bigger. More people always means bigger market, and those nations with high population can  make big change on any market.
Well I imagine crypto future, and I strongly believe that crypto market will grow and take more and more from traditional markets. With that in mind the ones who embrace it first will be the leaders!

For sometime, India has been focusing on reducing the imports from China and manufacturing most of the products within its boundaries. But till now, it only had a limited success. Take the case of electronics as example. The government announced tax breaks for companies which manufacture the electronic products locally. So most of the assembly is being done within India. But most of the components are still imported from China, such as flat screens and integrated circuits.

In my view, in India, the crypto-currencies will always remain in grey area. Why? Because most of the politicians simply don't care, or as in, they simply aren't educated enough to really talk about these issues. But in recent months, India did show interest in crypto, specially in the blockchain technology which can be seen as a positive move towards the industry as whole. I think there are more on the plates for them for other issues and crypto isn't their top priority.

Cryptocurrency was illegal in India. As Indian governments couldn't control it, they did not legalize cryptocurrency. But now India considers legalizing cryptocurrency.
In 2017 RBI, India's central bank issued a notice that cryptocurrency is not licensed or authorized in India. In 2018, India's central bank issued a circular where they clearly mentioned that no one will exchange cryptocurrency. But in 2020, the circular was stuck. Now there is no regulation of exchanging cryptocurrency in India. By this news, users and traders of cryptocurrency became relief.
Now the question arises, will cryptocurrency help Indian economy? The answer will be cryptocurrency will definitely help Indian economy. Because the popularity and market value of cryptocurrency is increasing day by day. Many people are earning a lot of money by trading cryptocurrency. Cryptocurrency has the ability of helping stimulate economic growth.
As India has a large number of inhabitants, so it will undoubtedly have positive impact in the future.

By 2050, India is projected to be the world's second-largest economy (overtaking the United States) and will account for 15% of the world's total GDP. The positive outcomes of that growth have already started to make an impact for residents. The growth also hasn't always reached every citizen equality.

Overpopulation is a warning to a country. Regardless if that enormous population can be imposed to decent use, the country will improve quickly. That is the lawsuit in India. India is the second-most populous country. If this country can bring about decent usage of its people in crypto, it will go a long way in the years to appear.

China is having a similar population and almost three times the surface area as that of India. Yet, they introduced the population control law almost four decades ago and managed to reduce the population growth. Now the Chinese population growth is very minimal, and it is around +0.05% per year. But in India, an attempt to introduce family planning led to riots and anarchy in 1976. After that it was never attempted again. And the results are there for everyone to see. The average annual wage in China stands at $10,410, while in India that is around one-fifth of that level ($2120). 

There is no doubt that crypto has many use cases and benefits in real life. But to use crypto users need to have a device with an internet connection. India has one of the largest online marketplaces but it also has 700 Million people who are not connected with internet service. (Source) (https://www.weforum.org/agenda/2020/08/internet-users-usage-countries-change-demographics/#:~:text=Nearly%20700%20million%20people%20in%20India%20are%20still%20unconnected.&text=Interestingly%2C%20India%20has%20the%20highest,online%20market%20in%20the%20world.)

India is not as developed as EU countries where everybody has access to the internet. So this may help some people from their country because many Indians are involved with crypto but a big number of them will not be benefited anyway.

I am not entirely sure what you mean by not properly used, but I always believe that for a country to really grow in its economy there are things that the government has to look into, there are things that affects an economy the more, and those things should be looked into. India is not the first that started allowing cryptocurrency, there are other countries that has done that right from the start and have allowed cryptocurrency, till now what has happened?

Yes, it is good in the sense that having cryptocurrency companies will lead to having more jobs in the community or country, but the main problems should still be addressed.