Will India be more progressive in the coming years?

[Natalim]

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

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

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.

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.

[avikz]

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?

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. 

[bitgolden]

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.

[Vishnu.Reang]

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.

[whyrqa]

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.

[Indymoney]

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.

[nosferzd]

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.

[fiulpro]

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 .

[awik p]

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.

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

[abhiseshakana]

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 .

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.

[palle11]

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.

[webtricks]

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.

[Stedsm]

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.

[Findingnemo]

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.

[travwill]

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.

[eaLiTy]

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.

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.

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.

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 . These are crazy numbers when you talk about sending people to space when they do not have basic infrastructure.

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. 

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.

It seems to me that in India there will be a catastrophic situation, especially given the love of Indians to drink dirty water.

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.

[Deepakkumar9]

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 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

[CarnagexD]

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 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.

[Haunebu]

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.

[Yatsan]

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.