India's Crypto Scene has a lot going on right now - Tezos

[amu4crypto]

InsideCrypto.today has always felt that India's Crypto community have the brains to make Blockchain and Crypto move into mass adoption. Check out our feature article on India's First Tezos Baker and how Indra Crypto Capital is taking Cryptos in India to a whole other level.
 
https://insidecrypto.today/yieldwallets-tezos-xtz-baker-now-accepting-delegations

[Yaunfitda]

Of course, India has a lot of resource specially in Information Technology and there are a lot of good programmers there. But the problem is that the government is trying to be aggressive against crypto.

So I wouldn't be surprised that they will enforce a full blanket ban (I hope not), but looking at how the central bank of India stance, maybe just maybe they will hinder the development of crypto in the country.

[asriloni]

Just wanna know how that firm deal with the crypto regulation that already made by india government. To say if that firm will push the adoption for tezos is an easy thing to do while when the government will know that and then that firm must deal with the local institution.
As far as I know crypto is banning to operate in india. that makes me interesting to see how that firm can survive and get more and more adoptions.

[CryptoHayek]

Of course, India has a lot of resource specially in Information Technology and there are a lot of good programmers there. But the problem is that the government is trying to be aggressive against crypto.

So I wouldn't be surprised that they will enforce a full blanket ban (I hope not), but looking at how the central bank of India stance, maybe just maybe they will hinder the development of crypto in the country.

Hi,
     YieldWallet founder here. we're hoping it does not come to that (blanket ban), but we're prepared to deal with that eventuality by moving jurisdictions, pushing the technology envelope with DEXes, permissionless tech (Staking, Atomic swaps and so on).

--
Gautam

[CryptoHayek]

Just wanna know how that firm deal with the crypto regulation that already made by india government. To say if that firm will push the adoption for tezos is an easy thing to do while when the government will know that and then that firm must deal with the local institution.
As far as I know crypto is banning to operate in india. that makes me interesting to see how that firm can survive and get more and more adoptions.

Hi Asriloni,
     YieldWallet founder here. There is no ban. The Indian government / Courts have not made it's decision on this yet. The only logistical problem is that the Indian central bank, the Reserve bank of India has made it illegal for Banks in India to offer services for Cryptocurrency firms. Most of our initial products do not require Indian banking services and when they do, there are already tries and tested method like P2P which will allow us to continue to build out our services.

Building tools and writing software for Tezos and other blockchains has not been outlawed in any country I know of, is it's highly improbable it will..

--
Gautam

[ubercool]

Unless Indian governments understand the importance of blockchain, nothing will change. Indians have banned all the exchanges from transacting with Banks. The supreme Court is yet to decide on this after more than a year. Government officials need to change first.

[jossiel]

What's really the situation of crypto in India? it's hard to distinguish what's really the news with them because I'm not living there but interested of knowing the real score of their government against crypto.

There is no ban. The Indian government / Courts have not made it's decision on this yet. The only logistical problem is that the Indian central bank, the Reserve bank of India has made it illegal for Banks in India to offer services for Cryptocurrency firms. Most of our initial products do not require Indian banking services and when they do, there are already tries and tested method like P2P which will allow us to continue to build out our services.

Building tools and writing software for Tezos and other blockchains has not been outlawed in any country I know of, is it's highly improbable it will..

--
Gautam

Which means this is sort of a confirmation that in India there's no actual ban and the news that were coming out lately telling that there's a rumored ban happening there was exaggerating your situation.

[Convery]

I thought that India banned cryptocurrencies, but the situation is probably similiar to China, nobody knows what is exactly happening. Because China said that they want to be a leader in a blockchain technologies and then they ban cryptocurrency trading. Also about mining, without miners they will not have buyers for the electricity.
So what is the true attitude of the Indian government to cryptocurrencies? 

[CryptoHayek]

Unless Indian governments understand the importance of blockchain, nothing will change. Indians have banned all the exchanges from transacting with Banks. The supreme Court is yet to decide on this after more than a year. Government officials need to change first.

Things will move forward as long as there is no law against crypto, and even then it will move underground to the black market. After the Banking ban, Indian exchanges moved to P2P for people to buy and sell Fiat with Crypto.

However you're right in the sense, things are going to slow down quite a bit. It would be nice to have complete clarity and go-ahead from the Govt.

[CryptoHayek]

What's really the situation of crypto in India? it's hard to distinguish what's really the news with them because I'm not living there but interested of knowing the real score of their government against crypto.

There is no ban. The Indian government / Courts have not made it's decision on this yet. The only logistical problem is that the Indian central bank, the Reserve bank of India has made it illegal for Banks in India to offer services for Cryptocurrency firms. Most of our initial products do not require Indian banking services and when they do, there are already tries and tested method like P2P which will allow us to continue to build out our services.

Building tools and writing software for Tezos and other blockchains has not been outlawed in any country I know of, is it's highly improbable it will..

--
Gautam

Which means this is sort of a confirmation that in India there's no actual ban and the news that were coming out lately telling that there's a rumored ban happening there was exaggerating your situation.

The situation is that we're waiting for the Govt and the Supreme court to rule on this one way or another, but making progress where we can e.g. We're moving forward with P2P exchange plans, but will likely not try to issue a Stablecoin. Just some type of 'common sense' approach to what might get us in trouble I suppose?

The one thing that's super clear is that Banks will not provide services to Crypto exchanges as they have been prohibited from doing so by the Central bank.

The rumored ban was true in the sense that there was in fact a draft bill floating around, but it's just a draft, never got debated and is quite far away from ever becoming a law that I wouldnt worry about it. It will likely get defeated far before it gets there.

[henrybek3]

India is already aware of the value of cryptocurrency. Prohibition cannot be real. Tezos is a huge project. There are cases against Tezos. That's the biggest problem. There are cases against Tezos. In this case Tezos can be much more popular.

[CryptoHayek]

I thought that India banned cryptocurrencies, but the situation is probably similiar to China, nobody knows what is exactly happening. Because China said that they want to be a leader in a blockchain technologies and then they ban cryptocurrency trading. Also about mining, without miners they will not have buyers for the electricity.
So what is the true attitude of the Indian government to cryptocurrencies? 

The real attitude is that they are clueless and trying to learn more, but have kept postponing the hearing on it over and over again for months now. Atmosphere of uncertainty for anyone wanting to start a Crypto-related entity. The end users probably fall into similar categories of no-coiners, will-wait-for-govt-permission-to-secure-my-financial-future and i-ll-do-what-i-wanters

Banking services are impossible to obtain making any Fiat->Crypto on ramps a pain in the #$%

[NathanJB]

If only India can be accommodating to cryptocurrencies, it can contribute a lot to its growth. India is a very populated country it can cause a strong mass adoption. Just like China, India has a strong and huge populace that will cause whatever decision of the government very influential to the crypto market. But unlike China, India is a democratic country that allows more freedom compared to China.

[ubercool]

Unless Indian governments understand the importance of blockchain, nothing will change. Indians have banned all the exchanges from transacting with Banks. The supreme Court is yet to decide on this after more than a year. Government officials need to change first.

Things will move forward as long as there is no law against crypto, and even then it will move underground to the black market. After the Banking ban, Indian exchanges moved to P2P for people to buy and sell Fiat with Crypto.

However you're right in the sense, things are going to slow down quite a bit. It would be nice to have complete clarity and go-ahead from the Govt.

It's not that simple now, the government have lots of things to attend and crypto or even blockchain may never come into their importance. China is at least telling people to try out blockchain but India is lacking behind everything.

[nutriagrigia]

this information once again confirms the theory that large governments ban cryptocurrency in their country only in order to develop their own national campaign or cryptocurrency. limiting the use of other cryptocurrencies in the territory of their country, they want only their currency to be used. but who needs such centralized crypto?

[Cryptoheavy]

India is going to ban crypto instead, isnt it?

[newIndia]

India is going to ban crypto instead, isnt it?

No such circular so far. As of yet, it is only banking ban.

[imutlinda]

crypto technology has already begun to be developed there, and if it is truly developed to its full potential there will be many crypto adoptions that can help the economy and also the needs of the country. I hope it can lead to positive goals, and help the country develop.

[CryptoHayek]

crypto technology has already begun to be developed there, and if it is truly developed to its full potential there will be many crypto adoptions that can help the economy and also the needs of the country. I hope it can lead to positive goals, and help the country develop.

There are lots of things that are legal here even in this uncertain environment e.g. Crypto-to-crypto trading cannot be stopped, which is why Binance was so popular.

For an Indian grown example: We've launched staking services for Tezos and soon Decred. Check out decred.yieldwallet.io , yieldwallet.io/decred (in beta)  and yieldwallet.io/tezos (live)

The crypto-economy moves on.

[Oneandpure]

India have never give allowing for crypto become legal transaction payment and become investment assets, their country looks not happy with bitcoin and altcoin as investment, many exchange market have been banned there where Indian people couldn't withdraw their bitcoin to bank account, very sadness if we got country not allowed bitcoin for payment transaction and investment assets.