The Great Indian Blockchain Migration has begun

[Guvn0r]

What do you do when all those you interact with in your business are suddenly made out of your bounds? You search desperately for a place where transactions with your ecosystem are permitted.

That is precisely what actors in India’s blockchain ecosystem – developers, services providers, and other companies – are doing by moving bag and baggage to crypto-friendly destinations or at least seriously considering the option.

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[botany]

Companies which decided to raise funds through ICOs must be feeling squeezed. If the RBI has acted against cryptocurrency exchanges, then surely they could come under the radar too. But if you have no token and are purely a blockchain based company, there is no danger. The government will treat you like (yet) another IT company.

[Guvn0r]

It is sad to see that political parties only see opportunity to harvest votes and have zero thought about what happens to our nation. In Kerala, something similar happened when there was a widespread adaptation of computers generally and in Govt. offices. There was a major protest by the opposition and said it would take away jobs and increase unemployment, the same people now running around inaugurating "Smart Cities" and "TechnoParks".

Election victory, progress and prosperity to their own families and beautiful policies for their own self-aggrandizement. The sad state of cheap prostitutes we give authority to serve us.

[drmilind2004]

That is precisely what actors in India’s blockchain ecosystem – developers, services providers, and other companies – are doing by moving bag and baggage to crypto-friendly destinations or at least seriously considering the option.

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Unfortunately for everyone in India, You are spot on.

Elementary due diligence removes ANY prospect for India as a location for anything crypto-related, (barring the pre-launch groundwork of course).

Its the socialist foundation that is in conflict; and not just wrt crypto, there are umpteen other errors and conflicts everywhere.

[midelou]

This was coming. What can you do with so many restrictions? I read the said article about how Enkidu project is looking to register in Estonia. No wonder they paused their bounty program. It's a shame that our blockchain experts feel 'threatened' in our own country and are moving to crypto friendly nations.

[Clement Kaliyar]

This was coming. What can you do with so many restrictions? I read the said article about how Enkidu project is looking to register in Estonia. No wonder they paused their bounty program. It's a shame that our blockchain experts feel 'threatened' in our own country and are moving to crypto friendly nations.

If the government keeps on having a closed mind set this will happen, they cannot restrict innovation, if the people find it difficult to conduct business they will move out and that will be a huge loss for the country, hopefully they will understand these situation and it is not a good thing if they force entrepreneurs and brilliant minds outside of their country.

[botany]

That is precisely what actors in India’s blockchain ecosystem – developers, services providers, and other companies – are doing by moving bag and baggage to crypto-friendly destinations or at least seriously considering the option.

Read More

Unfortunately for everyone in India, You are spot on.

Elementary due diligence removes ANY prospect for India as a location for anything crypto-related, (barring the pre-launch groundwork of course).

Its the socialist foundation that is in conflict; and not just wrt crypto, there are umpteen other errors and conflicts everywhere.

Cryptocurrency related Enterprise - No way. Blockchain based Enterprise - May be.
IBM has people working on blockchain applications in Bangalore - they have nothing to fear.

[@prashant]

Some of the blockchain based are doing to get to blockchain friendly user environment,but they are doing to for their user base,where as majority of them are doing just for funding as it's easier than doing ipo with rules and regulations.they can also avoid taxation to it.

[wandino]

Private companies are increasingly exploring blockchain for improved governance, enhancing efficiency of business processes, and ensuring transparency.Three key areas that the technology will impact are payments and funds transfer infrastructure, digital identity management and post-trade settlements.

[amishmanish]

If you go by PM Modi's rhetoric of using AI and Blockchain technology, we can be hopeful that all isn't lost yet. The problem is that things move at a breakneck speed in this field. The Indian ICO scene was just beginning to pick up with some serious ventures from Indians.

Just then, RBI served this body blow by choosing to be a complete ass and close gates on a technology that is being hailed as holding a lot of potential all overt the world. All they care about is the old talking points of black money and terrorist funding. I would love to see what data RBI brings to courts to show that bitcoin was indeed being used for terrorist funding etc.

In the dying hours, an ICO called Union Coin was being announced and then they trailed off all of a sudden. The spectre of jobless youth and low paying private company jobs in companies run by Ambanis and Adanis looms higher as BJP continues to consolidate its right-wing economics. It may just be for the benefit of these blockchain companies that they had to migrate at this time.

[botany]

If you go by PM Modi's rhetoric of using AI and Blockchain technology, we can be hopeful that all isn't lost yet. The problem is that things move at a breakneck speed in this field. The Indian ICO scene was just beginning to pick up with some serious ventures from Indians.

Just then, RBI served this body blow by choosing to be a complete ass and close gates on a technology that is being hailed as holding a lot of potential all overt the world. All they care about is the old talking points of black money and terrorist funding. I would love to see what data RBI brings to courts to show that bitcoin was indeed being used for terrorist funding etc.

I have my doubts about whether Modi can really support a decentralized currency like Bitcoin. Think about it - India does not have capital convertibility, cash transactions are frowned upon and we even had demonetization. So it seems like the current government's views are really incompatible with Bitcoin.

[amishmanish]

If you go by PM Modi's rhetoric of using AI and Blockchain technology, we can be hopeful that all isn't lost yet. The problem is that things move at a breakneck speed in this field. The Indian ICO scene was just beginning to pick up with some serious ventures from Indians.

Just then, RBI served this body blow by choosing to be a complete ass and close gates on a technology that is being hailed as holding a lot of potential all overt the world. All they care about is the old talking points of black money and terrorist funding. I would love to see what data RBI brings to courts to show that bitcoin was indeed being used for terrorist funding etc.

I have my doubts about whether Modi can really support a decentralized currency like Bitcoin. Think about it - India does not have capital convertibility, cash transactions are frowned upon and we even had demonetization. So it seems like the current government's views are really incompatible with Bitcoin.

You are right. There has been a lot of talk about Blockchain buzzword and not enough action on removing the regulations on BTC trading. Indian government and society to doesn't seem ready for libertarian and privacy related aspects of Bitcoin. The present government has the chauvinistic and all controlling viewpoint where they want to account for everything.

In such a case, it really is hard to believe that they will be okay with the ability of people to transact using a decentralized currency. What kind of fears this would evoke in the presently under-staffed and unimaginative Ministry of Finance us also uncertain? If Venezuela goes ahead with its deal to sell oil for crypto and if it materializes, then we may have some way forward..