Crypto in Indian Economy?

[stompix]

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.

Reminds me of this article from BBC
India census: Half of homes have phones but no toilets

Total numbesr when you don't consider the percentage of the population owning or the total size means nothing.
India has 40 times more paved roads than Belgium does it mean the infrastructure is better there?

Reverse those numbers, it means 1 billion Indians don't have a smartphone while only 60 million Americans don't own one. See the difference?

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 you mean Indians would have launched their own company to rival Microsoft in 1975 ?
Is this another chapter in that history book where you've defeated Alexander the Great and where England was a colony of India?

Anyhow, back to the crypto percentage.

Numbers show 100 million, so if we say that the majority would be concentrated in urban areas, then there must be at least 10% of the population in Mumbai, so at least 2.5 million poeple own crypto there, in just a city! Can somebody show some real proof of that number? I mean, if a city of 500k total population in Europe has 10-50 businesses accepting crypto that would bring the number to thousands in Mumbai, right?
You would have almost the same number of users as the number of votes Gandhi got in 2019 yet nobody takes a push for legalization, not with such a huge voting power behind it.

So, there must be something wrong with those numbers.

[so98nn]

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.

 

World Population: 7.9 billion

India's population: 1.38 billion
India's half population: 0.69 billion

Well, even those 24% having smartphone will by pass the total # of smartphone users in the USA alone. Plus I am really doutbful if only 24% of them have smartphone.

Even if we ignore the numbers of smartphone user, then also individuals holding the crypto multiplied by # of assets will always by pass the economic strength in the crypto.

Its not about poverty or richness. Its all about "BULK" size of population in India that is making it number one holder of the crypto currencies.


I barely doubt India is poor country. India's 2020 GDP passed the developed country like Canada and United Kingdom.

The economic growth is enormous considering the set up of giant medical supply chain, tech advancement and Information tech sectors growing at alarming rates.
In fact, India GDP 2022 is predicted to grow from 6.6% to 8.5%+.

Having poor people in the country and being the poor country are completely different sides of coins.

[laredo7mm]

I barely doubt India is poor country. India's 2020 GDP passed the developed country like Canada and United Kingdom.

The economic growth is enormous considering the set up of giant medical supply chain, tech advancement and Information tech sectors growing at alarming rates.
In fact, India GDP 2022 is predicted to grow from 6.6% to 8.5%+.

Having poor people in the country and being the poor country are completely different sides of coins.

Yes with -7.3% growth India has done very well in 2020!    You know what the problem with GDP is? If govt constructs a road poorly and then it's damaged after a few months and govt again spent money to fix that road, the GDP rate will be higher. If govt spent money in the unprofitable sector like building the world's tallest statue by spending millions of dollars it may be beneficial for GDP but won't be beneficial for the people. Because the more spending happens in that country the higher the GDP will and it doesn't matter what that money spend for. GDP doesn't show the country's economical growth.

One CMIE household survey shows that 97% of Indian peoples wages go down in comparison to the previous year and 75 million Indians go down to poverty. I am talking about those people who become poor recently.

[fiulpro]

Funny part. The country is not really technologically poor when we compare it to other similar developing countries. The GDP is increasing at an incredible speed and especially during the COVID-19. The economy is definately improving. One should understand the fact that introducing bitcoins and other cryptocurrencies in a country with a lot of corruption might help people cope up with it. Also it would help them to make sane decisions, but unfortunately the government just imposed a 30% tax on crypto which is definitely a probelm for sure. But at the end of the day we should remember that a country like India with tech hubs present all around, plus with cities like Delhi and Banglore, there is honestly not even a need of introduction about bitcoins. People are always looking for ways to get around.

[Lucius]

Anyhow, back to the crypto percentage.

Numbers show 100 million, so if we say that the majority would be concentrated in urban areas, then there must be at least 10% of the population in Mumbai, so at least 2.5 million poeple own crypto there, in just a city! Can somebody show some real proof of that number? I mean, if a city of 500k total population in Europe has 10-50 businesses accepting crypto that would bring the number to thousands in Mumbai, right?
You would have almost the same number of users as the number of votes Gandhi got in 2019 yet nobody takes a push for legalization, not with such a huge voting power behind it.

So, there must be something wrong with those numbers.

Of course, the number of 100 million makes no sense no matter how someone sets up that story. All this is the product of someone who wants to create FOMO in that country by persistently placing one and the same lie - and how many times have we just read this information on the forum? It is a bit hard for me to believe that people who do not have basic living conditions (electricity/toilet) and also according to data from 2021 more than 20% of them are completely illiterate can be leaders in the number of crypto users.

Also (if something hasn't changed) there are no political parties in India that support Bitcoin.

The next elections are scheduled for 2024.

But voting for another party is hardly going to bring any change. As far as I know, none of the political parties have supported the idea of legalizing Bitcoin in India. Also, Bitcoin users are not an important voting bloc in India. The most important bloc is composed of the rural farmers, and they voted en bloc for the ruling party during the last elections.

It should be noted that this is a post from 2019, but also that the user is from India, and he claims that at that time there were at most about 1 million crypto users - a 100% increase in 2 years makes no sense.

The vast majority of the Indian population lives in urban slums and rural areas and most of them are ignorant about cryptocurrency. If the government labels Bitcoin as a currency of criminals and tax evaders, then these people will believe the government version without any reservation.

And secondly, I am not sure about the number of active Bitcoin users in India. A conservative estimate would be around 1 million. Out of that, the serious users may number around 100,000. Among this subgroup, I expect at least 80% to fall in line with the government directive and quit the cryptocurrency market. And what we can do with the remaining 20,000 individuals, in a country of 1.4 billion people?

[laredo7mm]

Anyhow, back to the crypto percentage.

Numbers show 100 million, so if we say that the majority would be concentrated in urban areas, then there must be at least 10% of the population in Mumbai, so at least 2.5 million poeple own crypto there, in just a city! Can somebody show some real proof of that number? I mean, if a city of 500k total population in Europe has 10-50 businesses accepting crypto that would bring the number to thousands in Mumbai, right?
You would have almost the same number of users as the number of votes Gandhi got in 2019 yet nobody takes a push for legalization, not with such a huge voting power behind it.

So, there must be something wrong with those numbers.

Of course, the number of 100 million makes no sense no matter how someone sets up that story. All this is the product of someone who wants to create FOMO in that country by persistently placing one and the same lie - and how many times have we just read this information on the forum? It is a bit hard for me to believe that people who do not have basic living conditions (electricity/toilet) and also according to data from 2021 more than 20% of them are completely illiterate can be leaders in the number of crypto users.

Also (if something hasn't changed) there are no political parties in India that support Bitcoin.

I think you are right about their political party. Corrupt leaders only care about money and this is validated by seeing this news yesterday. They are implementing a 30% tax on all digital assets which means crypto. But you know what the funny part is they are charging not only for gains but if you gift someone with digital currencies you have to pay that 30% tax. But they haven't legalized crypto in their country yet but implementing the tax in it! I am not sure what I should call it funny or discouraging for the crypto user!

[Findingnemo]

India isn't actually poor country if I am not wrong even though it is a developing country it is one of country developed near to super power like USA, China and Russia because of their man power and also even CEO of tech giant company os an Indian. Probably the infrastructure is poor due to the corruption because they are leading in the corruption rate among the other countries but its about a government will allow decentralization into their banking system no matter its a developing or third world country???

[laredo7mm]

India isn't actually poor country if I am not wrong even though it is a developing country it is one of country developed near to super power like USA, China and Russia

I think you guys should be more focused on the overall situation not only a countries GDP. India has a good GDP rate but in comparison with its population, it's nothing. India is far more behind than USA or China so don't make a comparison with them.

their man power and also even CEO of tech giant company os an Indian. Probably the infrastructure is poor due to the corruption because they are leading in the corruption rate among the other countries

Job in the IT sector in India is very popular because engineering is being the most demandable subject among the students. I think this could provide a positive outcome in the crypto industry in the future.

its about a government will allow decentralization into their banking system no matter its a developing or third world country???

Indian govt is not allowing decentralization. RBI has proposed creating its own CBDC in near future. They are trying to discourage crypto by heavy taxation and illogical regulations. New source.

[suzanne5223]

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?

Firstly, crypto is not the answer to everything, and now that the government of India's government tax on crypto is 30% if the money is not spent well crypto enthusiast level in India won't help build the country economy if the country is still operating in an unequal way.

India isn't actually poor country if I am not wrong even though it is a developing country it is one of country developed near to super power like USA, China and Russia because of their man power and also even CEO of tech giant company os an Indian.

Technically, India is categorized among the poor country in the world but it is the country level of unequal that makes people see it as one of the poor countries in the world because research shows that only 1% of the country population is in charge and hold more than one-sixth of the country national income last year.



 

[Lucius]

I think you are right about their political party. Corrupt leaders only care about money and this is validated by seeing this news yesterday. They are implementing a 30% tax on all digital assets which means crypto. But you know what the funny part is they are charging not only for gains but if you gift someone with digital currencies you have to pay that 30% tax. But they haven't legalized crypto in their country yet but implementing the tax in it! I am not sure what I should call it funny or discouraging for the crypto user!

Politicians are always trying to take advantage of the weaknesses of their people, and in India, it is a very high illiteracy rate, and people living outside urban areas are very susceptible to suggestions and easy to steer in any political direction. Given that they are just behind China in terms of population (and likely to overtake them in the future), politics is looking for ways to maintain control over people in every way, especially financially.

Bitcoin does not fit into this political philosophy at all, much like in China or Russia where Bitcoin is banned or constantly under some pressure. The Indian authorities are now trying to discourage people from investing in cryptocurrencies instead of banning them, which is a very insidious move, but I am not at all surprised when it comes to India. If they fail to kill the crypto economy that way, they will probably come up with something new.

[laredo7mm]

If they fail to kill the crypto economy that way, they will probably come up with something new.

This could be the reason RBI is looking forward to introducing its own digital currencies in early April 2022. Their Finance Minister Nirmala Sitharaman said this will boost the economy and efficient currency management which surprised me. A large number of the population in India doesn't have any compatible device or access to the internet. So how their CBDC will boost the economy without any participation of these backward people! I am assuming that they will again ban cryptocurrencies in their country after they finished building their own CBDC.

[Sithara007]

This could be the reason RBI is looking forward to introducing its own digital currencies in early April 2022. Their Finance Minister Nirmala Sitharaman said this will boost the economy and efficient currency management which surprised me. A large number of the population in India doesn't have any compatible device or access to the internet. So how their CBDC will boost the economy without any participation of these backward people! I am assuming that they will again ban cryptocurrencies in their country after they finished building their own CBDC.

Being a resident of India, I need to say that your assumptions about India are completely false. Around 75% of the population do have internet access and the penetration rate is going up with each year. On top of that, India has probably the cheapest rates for 3G/4G internet data in the world. 1 GB of data costs only around ₹5, which is equivalent to $0.07. In developed nations, this much data may cost $1 or more. And the population is relatively young and a large fraction holds positive views about cryptocurrency.

[Findingnemo]

India isn't actually poor country if I am not wrong even though it is a developing country it is one of country developed near to super power like USA, China and Russia

I think you guys should be more focused on the overall situation not only a countries GDP. India has a good GDP rate but in comparison with its population, it's nothing. India is far more behind than USA or China so don't make a comparison with them.

their man power and also even CEO of tech giant company os an Indian. Probably the infrastructure is poor due to the corruption because they are leading in the corruption rate among the other countries

Job in the IT sector in India is very popular because engineering is being the most demandable subject among the students. I think this could provide a positive outcome in the crypto industry in the future.

its about a government will allow decentralization into their banking system no matter its a developing or third world country???

Indian govt is not allowing decentralization. RBI has proposed creating its own CBDC in near future. They are trying to discourage crypto by heavy taxation and illogical regulations. New source.

Not every country is same, each differs and excels in their own way but to this world GDP is one of the metric which taken into the calculation and don't forget that daily wage of China is still lower and similar to India if I am not wrong and you can't say USA is full of rich people, you have to be there to know the actual situation.

[Silberman]

India isn't actually poor country if I am not wrong even though it is a developing country it is one of country developed near to super power like USA, China and Russia because of their man power and also even CEO of tech giant company os an Indian. Probably the infrastructure is poor due to the corruption because they are leading in the corruption rate among the other countries but its about a government will allow decentralization into their banking system no matter its a developing or third world country???

The problem that the government of India has is that it has a lot of territory and an even bigger population, a smaller country has an easier time developing their infrastructure due to its small territory, so the government of India is faced with a difficult choice, do they invest a lot of money on this on some key areas and leave everything else underdeveloped or do they try to develop most parts of their country even if this mean a lower level of infrastructure for everyone? And it seem they selected the latter, which is why it may seem to be lacking sometimes even if they are doing their best.

[Fortify]

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?

Many people forget that India is very close to China in terms of population with around 1.4 billion people. A lot of those people will be living in other countries around the world and crypto gives an excellent means to transport funds without necessarily having to pay high middleman fees that you find with a lot of banks. Sure you pay transaction fees and any exchange costs, but they can be much more reasonable. You might also find that there is a lot of internal off the books trading going on and this gives people the ability to move money around without being vulnerable to certain government bodies, like the tax office, from being able to see certain suspicious transactions.

[laredo7mm]

India isn't actually poor country if I am not wrong even though it is a developing country it is one of country developed near to super power like USA, China and Russia because of their man power and also even CEO of tech giant company os an Indian. Probably the infrastructure is poor due to the corruption because they are leading in the corruption rate among the other countries but its about a government will allow decentralization into their banking system no matter its a developing or third world country???

The problem that the government of India has is that it has a lot of territory and an even bigger population, a smaller country has an easier time developing their infrastructure due to its small territory, so the government of India is faced with a difficult choice, do they invest a lot of money on this on some key areas and leave everything else underdeveloped or do they try to develop most parts of their country even if this mean a lower level of infrastructure for everyone? And it seem they selected the latter, which is why it may seem to be lacking sometimes even if they are doing their best.

Actually, the main problem is corruption and the lack of qualified officials who have great management skills. If you have the ability to rule a small country successfully you will also be able to rule a bigger country too.

I saw a video on youtube where a man wearing ocher cloth encouraging local people to destroy a solar panel power plant by saying this infrastructure is from the devil, so it must be destroyed. And those people destroying that foreign-built solar panels with hammers.I don't want to hurt anyone's feelings but really man !!  Are we still in the primitive age? It's just one of many cases. How country progress where people's are hostile towards new innovation and listen more from their religious leader than educated one.

[Vaskiy]

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.

Above briefing gives clear picture of India. Indians are much connected to technology development and they easily get adopted to it. Leading information technology based firms will be dominated by Indians. What Bill Gates said is true and recently Indian students have come up with the Indian version of Android named BharOS. The technology is at its rise while the government try to restrict and keep people under control. For that purpose governments were against crypto and now the taxation on cryptocurrency have made things to be considered legal.

[Desmong]

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?

India is one of the countries in the world with the biggest holders of cryptocurrency but it seems like there government is trying to stop people from using cryptocurrency to boost the local economy and currency.
Cryptocurrency is becoming popular everyday so we expected more holders as time goes on.

[molsewid]

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?

Honestly, I am not shocked with this one. Most of the projects I handled before are from Indian start ups, they are more knowledgeable in crypto than in any other countries. In terms of technology, they knew a lot as well. There are a lot of good blockchain programmers in India that you can find in yt, there's no doubt that they are in the top. Maybe their country does not fully recognize bitcoin and other alts buy the thing is if you will look to the other side, blockchain needs people in tech and most of it Indian people has so therefore people will surely raise awareness with this technology.

[darewaller]

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.

At first I am sceptical to believe this and did another research but I found that you are right. They are strong now and they are expected to surpass Japan and Germany in the year of 2027. That was 4 years from now but I agree that India has full of history and full of lessons.

I read it before in the books, saw it on the TV and most of all in the movies. Indians are smart people and many of them are into technical stuffs (gadgets and internet) so I wouldn't be surprised if they will also venture the world of crypto because crypto has a lot of benefits which can help them improve their life and possibly to get our of poverty. As of now crypto in India is unregulated and not banned but they are only taxed big enough.