Crypto in Indian Economy?

[laredo7mm]

India currently has the largest number of crypto users at over 100 million.  Nowadays, crypto has become very popular among the young people of India and many of them are involved in the crypto business.  How is it possible to raise so much awareness about crypto in a country so technologically and economically poor and will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

[sunsilk]

How is it possible to raise so much awareness about crypto in a country so technologically and economically poor

I don't think economically they're poor. Based on this link, they're #1 in GDP(PPP): https://en.wikipedia.org/wiki/List_of_Asian_and_Pacific_countries_by_GDP_(PPP)

And based on this article for their technological stats: India jumps 2 spots to 46th rank in Global Innovation Index 2021

will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

Honestly, every country that sees a great source for the living of their people and for the government, it's what's matters to them. But I'm more confused about the news that has become trendy there last year about RBI banning bitcoin.

[mk4]

Isn't India a country with a crap ton of technologically knowledgeable people? I remember back then; whenever I had specific problems with anything concerning programming(or tech stuff in general), there's always that one Indian dude on YouTube that has the solution lol.

Also, probably due to the desire to get out of poverty? Like how we also see significant adoption of crypto in places like Venezuela.

[laredo7mm]

How is it possible to raise so much awareness about crypto in a country so technologically and economically poor

I don't think economically they're poor. Based on this link, they're #1 in GDP(PPP): https://en.wikipedia.org/wiki/List_of_Asian_and_Pacific_countries_by_GDP_(PPP)

According to the world bank, India is 13 poorest country in Asia. They are even behind their small neighbor country Bangladesh. More than 68% of indias total population live under poverty whose daily wages is only 2$. 30% of them earned 1.25$ daily. Source Link.

Really brother, still you think India is not economically poor?

And based on this article for their technological stats: India jumps 2 spots to 46th rank in Global Innovation Index 2021

Only 54% of indians have mobile phones and from which only 24% have smart phone. Source Link.

It's almost half of the total population of the country.

will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

Honestly, every country that sees a great source for the living of their people and for the government, it's what's matters to them. But I'm more confused about the news that has become trendy there last year about RBI banning bitcoin.

I think Indian officials don't know what they should do. They ban crypto then again unban it now they are saying they want to regulate crypto. I think they do not understand crypto very well and how they can be benefited from it.

[Charles-Tim]

How is it possible to raise so much awareness about crypto in a country so technologically and economically poor

Do you mean India is so technically and economical poor to raise crypto awareness? I doubt that to be true. India tops the list.

crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

If some Indians are holding bitcoin or other crypto and the price increase, it will help the economy because there will be more passive income. Not only that, local exchanges and other organizations related to cryptocurrencies will in one way or the other bring development to an extent in the country.

According to the world bank, India is 13 poorest country in Asia.

Only 54% of indians have mobile phones and from which only 24% have smart phone.

Yet, India top the list. This is a bit off-topic, I understood that you quoted someone. Just that not crypto that made India most population to be living below poverty line.

I think Indian officials don't know what they should do. They ban crypto then again unban it now they are saying they want to regulate crypto. I think they do not understand crypto very well and how they can be benefited from it.

They know what they should do, the Central Bank of India banned decentralized currencies, suit was filed against it and the Indian Central Bank lost. Then crypto was made legal again in India. This is what can happen in any country that are following democratic government.

[crwth]

Possibly, most of them have finally experienced the things that they want. The transparency and the decentralized part of the crypto economy make it even better for everyone there, and they could maximize their earnings with it. It's the freedom everyone is capable of. A lot of technological enthusiasts live in India. They are geniuses when it comes to computers. So why are people surprised by this? I hope it's being used the right way.

[laredo7mm]

Possibly, most of them have finally experienced the things that they want. The transparency and the decentralized part of the crypto economy make it even better for everyone there, and they could maximize their earnings with it. It's the freedom everyone is capable of. A lot of technological enthusiasts live in India. They are geniuses when it comes to computers. So why are people surprised by this? I hope it's being used the right way.

I know a good amount of Indian people working in the IT sector and they are doing very well. But the reason crypto had been created can not be achieved in a country like India. How you can step towards mass adoption of a technology that requires a digital device as an essential element. And how you can maximize your economical capability without half of your country's population who doesn't have access to the internet.

[arwin100]

India currently has the largest number of crypto users at over 100 million.  Nowadays, crypto has become very popular among the young people of India and many of them are involved in the crypto business.  How is it possible to raise so much awareness about crypto in a country so technologically and economically poor and will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

I don't call india a poor country since they have enough resources as well good technological adoption towards new innovation so I will not be surprise if they are the top country who use bitcoin since there young people are so talented interms in IT industry. Maybe for now the only thing india economy can benefit from cryptocurrency is their citizens using their earn money to circulate their earned money to use it upon buying goods and other businesses.

[Maus0728]

Isn't the fact that a country who is "economically poor" is enough to explain why people in a third-world country continue to use crypto as a hedge to make a living and put food on a table?

Similar to the Philippines, which is also a third-world country, bitcoin or cryptocurrency in general is used to make a living. Some individuals here are considering becoming full-time traders, NFT flippers, airdrop collectors, and so on, as long as they are making money. Another factor could be the economic impact of the pandemic, as well as the global adoption of cryptocurrency.

[sunsilk]

According to the world bank, India is 13 poorest country in Asia. They are even behind their small neighbor country Bangladesh. More than 68% of indias total population live under poverty whose daily wages is only 2$. 30% of them earned 1.25$ daily. Source Link.

Really brother, still you think India is not economically poor?

I've just based my opinion on the link that I've read and when it comes to the economic status of a country, there's the basis that it had shown. But I'd like to thank you for that link since I don't really know a lot of things about them and if there is new information that's being shared with me, I'd be happy to extract and accept it and well, that's convinced me that sad reality.

And based on this article for their technological stats: India jumps 2 spots to 46th rank in Global Innovation Index 2021

Only 54% of indians have mobile phones and from which only 24% have smart phone. Source Link.

It's almost half of the total population of the country.

In 2020, the population of India was around 1.38B, that's the number that will show if you use keywords of India's population on a search engine. And on this article from the same website: https://www.statista.com/statistics/558610/number-of-mobile-internet-user-in-india/
It says about 749 million have access to the internet and 744 million used to access their smartphones. You're right that it's half of the total population but I'd say that it's still a big number, 744 million people and it will just grow overtime.

Honestly, every country that sees a great source for the living of their people and for the government, it's what's matters to them. But I'm more confused about the news that has become trendy there last year about RBI banning bitcoin.

I think Indian officials don't know what they should do. They ban crypto then again unban it now they are saying they want to regulate crypto. I think they do not understand crypto very well and how they can be benefited from it.

Yeah, it's confusing. But with what I've read the latest, it is like that they're going PRO with bitcoin/cryptocurrencies and looks like the positive development starts there.

[laredo7mm]

Isn't the fact that a country who is "economically poor" is enough to explain why people in a third-world country continue to use crypto as a hedge to make a living and put food on a table?

Similar to the Philippines, which is also a third-world country, bitcoin or cryptocurrency in general is used to make a living. Some individuals here are considering becoming full-time traders, NFT flippers, airdrop collectors, and so on, as long as they are making money. Another factor could be the economic impact of the pandemic, as well as the global adoption of cryptocurrency.

Then where this will take us so far. In a short term, this country could be benefited through this money that this crypto worker brings into their country but in the long run how this will impact that countries economy? Many people from this country invested in bitcoin and dogecoin by seeing massive growth in short times and many of them do this by taking a bank loan or selling property. Most of these people are unaware of the risk involved.

So don't you think this uneducated investor not only affects his financial condition but also the country he lives in? Is that the reason many third-world countries are not legalizing bitcoin?

[stompix]

I don't think economically they're poor. Based on this link, they're #1 in GDP(PPP): https://en.wikipedia.org/wiki/List_of_Asian_and_Pacific_countries_by_GDP_(PPP)

PPP means nothing when it comes to Bitcoin.
It does help poor countries when taking into account that food and rent are lower in $ compared to other countries but when it comes to purchasing crypto this doesn't make snese anymore. Furthermore, you're looking at the total GDP, which makes no sense once you have to divide it by 1.3 billion.
PPP would place India on average at 8,079 but that doesn't mean anything once you have to purchase an internationally traded commodity, then it's the nominal you're having to look at and that's $2,313, now you look at South Korea and see that's  $34,866. So 17 times higher per capita!

The minimum wage in India is 2.8$ a day, the minimum wage per hour in Germany 11$.
It takes the minimum wage earner 100 000 worked hours in India to earn a BTC and 3 300 work hours in Germany. 50 years vs a year and 8 months.
Want more examples?

And the 100 million number, meh!
I've seen it so many times without any proof other than the surveys ordered by the exchange that I don't think even 10% of it is accurate.

I don't call india a poor country since they have enough resources

.

Resources just like PPP mean nothing, compare Russia with Japan or Brazil with Taiwan.

[Sterbens]

How is it possible to raise so much awareness about crypto in a country so technologically and economically poor

In fact, India is a country that is mostly a pioneer in the field of technology. Maybe you see from the statistics the decline in the economy that is dominated by the population. However, if you pay attention, India is one of the countries that has technological progress that exceeds developed countries. Take a look at some tech developers and there you will find lots of Indian contributions.

[lumbanrang]

In my opinion, India is one of the countries with the strongest economy in the world. And also this country is a country that has a history of thousands of years that is full of lessons. We know that there are many inventors and scientists who came from India. And even Bill Gates himself stated that if he didn't cooperate with the Indians, then sooner or later India would come up with their own version of "Microsoft". So my point is, that compared to most countries in the world, getting Indians to learn or use crypto is not difficult, because most Indians are technology savvy. Now the concern is the Bank of India or other financial entities that do not really like the presence of cryptocurrencies in the Indian economic system. They could hinder the adoption of cryptocurrencies in a country like India.

[AicecreaME]

India currently has the largest number of crypto users at over 100 million.  Nowadays, crypto has become very popular among the young people of India and many of them are involved in the crypto business.  How is it possible to raise so much awareness about crypto in a country so technologically and economically poor and will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

According to the world population review, India is among the top 13 list of poorest countries in Asia based on their GDP per capita in the year 2020. Despite belonging to that, I believe India is not really technologically poor because most Indians are really knowledgeable in the technological aspect and field and are actually catching up with the pacing of innovations nowadays. I guess one of the possible ways they were able to disseminate information is through social media platforms and streaming platforms and through seminars and webinars. Hence, there are a lot of citizens in their country who are skilled and knowledgeable about the benefits of crypto and its downside as well.

I guess the side which India is to take, economy speaking really depends on the government and the citizens as well. I think it would just be up to them on how they would see and use cryto. They could either utilize it to their own advantage or the other way around. If they would go for the former, then it could possibly impact their economy in a good way. If they would choose to be consumed by the latter, then it would be a rough patch for their economy.

[The Sceptical Chymist]

They know what they should do, the Central Bank of India banned decentralized currencies, suit was filed against it and the Indian Central Bank lost. Then crypto was made legal again in India.

Ahh....thank you for that clarification.  As I was reading the first few posts here, I remembered a map of the world showing where crypto is legal and where it's illegal, and I could swear I saw India colored red indicating that they'd made it illegal.  Good to know that the situation changed.

I don't know all that much about India as a country and certainly very little about their economy, but I do know that pretty much every Indian I've met in the US has been of above-average intelligence.  And yeah, even though that's a positive pigeon-holing, it's still pigeon-holing, which is still not a great habit to get into.  Nevertheless, I'm betting that they're going to be responsible for some future innovations in crypto, whatever they may be.  I don't think I'm way off base in saying that engineering is extremely popular as a subject of study in India, so there are probably a shit ton of math and computer geeks with great ideas for crypto projects. 

I don't think economically they're poor. Based on this link, they're #1 in GDP(PPP): https://en.wikipedia.org/wiki/List_of_Asian_and_Pacific_countries_by_GDP_(PPP)

Isn't GDP a reflection of total domestic product?  If so, India's size alone would skew them toward the top of that list and wouldn't be an accurate measure of their general economic health.  I could be wrong, and I'm way too lazy to research it for the sake of this post.

[romero121]

India being technologically and economically poor is a wrong statement. As every country have poverty India has poverty, but the economic situation is far better compared to many other countries in the world.

Second I want to mention about the number of smartphone users in India. It stands next to China with 439 million smartphone users. This can be considered as a fact to show India is technologically good. It holds the second highest population which is also a reason for the same. Among the 439 million smartphone users 100 million being cryptocurrency users is really a big thing and shows the wide market of India.



India hasn't taken a strong decision on the usage of cryptocurrency. However there is some clarity provided with the restrictions on privacy coins. Indian media is a big reason for this growth, because people are much into following the advertisement by popular faces.

[Charles-Tim]

Isn't GDP a reflection of total domestic product?  If so, India's size alone would skew them toward the top of that list and wouldn't be an accurate measure of their general economic health.  I could be wrong, and I'm way too lazy to research it for the sake of this post.

Yes, it is. All value added to an economy while exported product has been deducted. I remembered it has a formula and I checked it online:

GDP = private consumption + gross private investment + government investment + government spending + (exports – imports)

GDP by norminal and purchasing power parity (PPP) are the two that are commonly used

Norminal is normally used often but it has been a matter of debate of which one that will give most accurate result.

List of countries by GDP (nominal)
India is the fifth

List of countries by GDP (PPP)
India is the third

If using the purchasing power parity, It can give the result above with the methodology used by Chainanalysis, but if norminal is used and no comparison of goods or services to compare the purchasing power of each local currencies, India would not have gotten that high. Even if India is in the first position, very likely US will close the gap.

About your post, you are absolutely right, in a populous country, the GDP will be higher as a result of higher work force, production and activities etc, but not absolutely reflecting the standard of living in a country. Nigeria has the highest GDP in Africa, but we in the country know how people are suffering, minimum wage of ₦30000 monthly, if converted to United States dollar in parallel market, it will be $52.63 monthly (purchasing power is low but that amount is like suffering), the rate of unemployment is very high.

Nigeria, with its 200 million plus population, was first declared world’s poverty capital in 2018 in a report by the Brookings Institution, knocking off India from the position.

So before GDP will be used to know if citizens of a country is having quality standard of living or to determine if a country is economically fit, population of the country has to be determined, in populous country like India and Nigeria, their GDP should be higher than what it is now if their economy is good.

But what I just know is that this does not change the fact that they are part of the country that is adopting bitcoin and other decentralized currencies as a result of local currency depreciation.

[TheUltraElite]

India currently has the largest number of crypto users at over 100 million.  Nowadays, crypto has become very popular among the young people of India and many of them are involved in the crypto business.  

I would not use the term "business" here as the bigger number. It is more enthusiastic traders. I have recently people among my friend circle ask me about crypto advice, what coins to buy and all and the number has increased in last few years. Entrepreneurship is not what is attractive here, but making money from speculative markets is, however I could be looking at a skewed version of the data, while the ones who are watching on internet might be looking more at the startups coming from India and not their locals mindset.

How is it possible to raise so much awareness about crypto in a country so technologically and economically poor and will this current crypto enthusiastic generation of India could build up the future Indian economy to prosper or will it adversely affect the country's economy?

The economically poor people will never become economically rich, point being a lack of aggressive development and the usual mental inertia among people. Your average Uber driver here still does not accept online UPI payments but takes cash and even writes that down on a piece of paper so as to know how to much to withdraw from the bank before reaching home. A lot of problems are there, but a certain population of the youth is who are getting into crypto, again they are more interested in shitcoins than bitcoin, unlike me.

[laredo7mm]

India being technologically and economically poor is a wrong statement. As every country have poverty India has poverty, but the economic situation is far better compared to many other countries in the world.

You judge a country's economical situation by measuring the average situation of the total population of that country. As you have said every country has poverty and the even USA has poor people who live in the street so now you will say the USA is a poor country? That doesn't make any sense. 22% of Indians live in poverty according to Wikipedia.

Second I want to mention about the number of smartphone users in India. It stands next to China with 439 million smartphone users. This can be considered as a fact to show India is technologically good. It holds the second highest population which is also a reason for the same. Among the 439 million smartphone users 100 million being cryptocurrency users is really a big thing and shows the wide market of India.

Compare that with India's total population. 94% of senior people in India don't have a phone. There is no doubt that India is one of the great smartphone consumer countries but still, a big chunk of the countries population doesn't have any access to the internet. That's number is improving that's good news.