Will India be more progressive in the coming years?

[gentlemand]

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.

[amishmanish]

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.

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.

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.

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.

If I were an Indian I'd be doing it on my own in the shadows with no expectation of anything changing.

Cheers to that.

[eaLiTy]

 Im not sure India 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

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.

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.

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.

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.

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.

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.

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 .

[darewaller]

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.

[aiguy]

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

[wanted sliter]

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.

[bryant.coleman]

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

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.

[todiefor17]

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.

[eaLiTy]

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.

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  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.

[mersal]

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.

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 .

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.

[Mauser]

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.

[The Sceptical Chymist]

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 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. 

The stone age perspective is in the eyes of a foreigner, there are around millions of cryptocurrency users registered in difference exchanges in India

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.

[bryant.coleman]

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".

[Lorence.xD]

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.

[Kong Hey Pakboy]

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.

[CODE200]

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.

[bryant.coleman]

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

India is reportedly moving to ban the trading of cryptocurrencies

The federal cabinet is expected to soon discuss a new bill before passing it to the parliament, people familiar with the matter told Bloomberg. While the government is exploring the possible uses of blockchains to manage land records, pharmaceutical drugs supply chain or records of educational certificates, it is against cryptocurrency trading, according to the two sources.

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.

[Smartprofit]

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 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.

[Indymoney]

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.

India has some good programmers and BPO/Call-center employees. But their quality is not as good as their counterparts in North America/Europe. Anyways, 99% of these employees would migrate to the Western nations, given a chance to do so. The current government is being regarded as business friendly, but it is not easy to resolve red tape and bureaucracy which scares away foreign investors.

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.

[Vaskiy]

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.