Will India be more progressive in the coming years?

[Sanitough]

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

Billionaire investor and the winner of thousands of Bitcoins (BTC) in the Federal Bureau of Investigation’s 2014 Silk Road auctions, Tim Draper, has set his sights on India’s nascent cryptocurrency industry.

On March 22, the venture capitalist tweeted that the Supreme Court’s recent reversal of the Reserve Bank of India’s (RBI) ban on banks providing financial services to crypto companies will drive a “renaissance” for the country’s cryptocurrency sector.

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?

[20kevin20]

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.

[cabron]

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.

[mirakal]

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?

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.

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.

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.

[20kevin20]

~

"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.

[AniviaBtc]

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

Billionaire investor and the winner of thousands of Bitcoins (BTC) in the Federal Bureau of Investigation’s 2014 Silk Road auctions, Tim Draper, has set his sights on India’s nascent cryptocurrency industry.

On March 22, the venture capitalist tweeted that the Supreme Court’s recent reversal of the Reserve Bank of India’s (RBI) ban on banks providing financial services to crypto companies will drive a “renaissance” for the country’s cryptocurrency sector.

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?

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.

[senin]

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.

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.

[Botnake]

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.

[Wexnident]

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.

[mirakal]

~

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

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.

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.

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.

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.

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.

[eaLiTy]

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

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. 

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

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.

[slashz9]

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.

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.

[TheAndy500]

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

Billionaire investor and the winner of thousands of Bitcoins (BTC) in the Federal Bureau of Investigation’s 2014 Silk Road auctions, Tim Draper, has set his sights on India’s nascent cryptocurrency industry.

On March 22, the venture capitalist tweeted that the Supreme Court’s recent reversal of the Reserve Bank of India’s (RBI) ban on banks providing financial services to crypto companies will drive a “renaissance” for the country’s cryptocurrency sector.

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?

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.

[boyptc]

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.

[Meowth05]

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.

[criza]

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.

[Japinat]

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

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. 

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

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.

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.

[yanto@1977]

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

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.

[so98nn]

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

Billionaire investor and the winner of thousands of Bitcoins (BTC) in the Federal Bureau of Investigation’s 2014 Silk Road auctions, Tim Draper, has set his sights on India’s nascent cryptocurrency industry.

On March 22, the venture capitalist tweeted that the Supreme Court’s recent reversal of the Reserve Bank of India’s (RBI) ban on banks providing financial services to crypto companies will drive a “renaissance” for the country’s cryptocurrency sector.

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?

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.

[btc_angela]

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.