Cryptocurrency 2023!

[Bitcoin Smith]

Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.

What is the hope for cryptocurrency in India especially this year, in my opinion not looking too great since the implementation of new tax policy last year but with the next government can something will change if there is someone who is in the position of making policies and also understand the potential in cryptocurrency and blockchain technology.

[pakhitheboss]

Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.

What is the hope for cryptocurrency in India especially this year, in my opinion not looking too great since the implementation of new tax policy last year but with the next government can something will change if there is someone who is in the position of making policies and also understand the potential in cryptocurrency and blockchain technology.

Great! Someone took the initiative to post an engaging topic on this board, as I have stopped doing it due to zero engagement & zero merits from Merit sources. It seems most of them are inactive at the moment. 

Now, coming to what you have asked. A lot of revenue from tax has gone as most investors, traders and those who made a living on Bitcoin have shifted to international exchanges. A lot of investors/traders have shifted or made arrangements to do their business in crypto tax friendly countries.

The Indian government wanted to reduce crypto engagement and in my opinion they have been successfull as a lot of Indian exchanges have declared a traffic drop. In 2023 I am sure the government would not make any changes to the law as it is a preparation year for the next election which is scheduled in 2024. You can expect a complete ban in 2025.  

[Bitcoin Smith]

Great! Someone took the initiative to post an engaging topic on this board, as I have stopped doing it due to zero engagement & zero merits from Merit sources. It seems most of them are inactive at the moment. 

Now, coming to what you have asked. A lot of revenue from tax has gone as most investors, traders and those who made a living on Bitcoin have shifted to international exchanges. A lot of investors/traders have shifted or made arrangements to do their business in crypto tax friendly countries.

The Indian government wanted to reduce crypto engagement and in my opinion they have been successful as a lot of Indian exchanges have declared a traffic drop. In 2023, I am sure the government would not make any changes to the law as it is a preparation year for the next election which is scheduled in 2024. You can expect a complete ban in 2025.  

I haven't been posting much, but I never missed a day for all these days in the past to visit the forum to update what is happening around crypto market but the reason I created this thread is I saw a thread about local board activity on meta where I found only 32 posts were made in a month if I am not wrong, so I decided to make some contribution to bring some traffic here, and I expect every fellow Indian community members to do the same.

Government may successfully reduce the trading on paper, but they forced the users to use the back door because of unfairly high tax rate, so I can see a lot of activity on p2p like LBC again than before which says Indians didn't boycott crypto trading but they are off the radar due to the government rules.

[elevates]

Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.

What is the hope for cryptocurrency in India especially this year, in my opinion not looking too great since the implementation of new tax policy last year but with the next government can something will change if there is someone who is in the position of making policies and also understand the potential in cryptocurrency and blockchain technology.

This board was once active and I did saw a topics which were related to free raffle and the prize was Bitcoin. There were many members who had won those raffle. A little bit of buzz was also here and suddenly that all stopped after the new tax law. At the moment only a few members remain active on this board.

As per the RBI governor Bitcoin and crypto is a threat to India and he wants it to get banned. What @pakitheboss said is correct as the government would now get busy with the election scheduled for 2024 and wouldn't try to take any action that will hamper its vote bank. I also feel some bad news will come in 2024 or 2025.

[avikz]

Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.

Great! It will be really helpful if someone can take up this initiative and bring back some activities in the group.

What is the hope for cryptocurrency in India especially this year, in my opinion not looking too great since the implementation of new tax policy last year but with the next government can something will change if there is someone who is in the position of making policies and also understand the potential in cryptocurrency and blockchain technology.

To be honest, the current 30% taxation is nonsense! I personally have stopped selling bitcoin after this rule came into effect. 30% tax without the chance of offsetting losses, is just bad for the crypto market in general.

It will definitely change if some progressive politician becomes the FM. But looking at the rulling party, the chance is slim.

[pakhitheboss]

I haven't been posting much, but I never missed a day for all these days in the past to visit the forum to update what is happening around crypto market but the reason I created this thread is I saw a thread about local board activity on meta where I found only 32 posts were made in a month if I am not wrong, so I decided to make some contribution to bring some traffic here, and I expect every fellow Indian community members to do the same.

Good to hear that someone is active and keeps attack of what is happening around. I did try to activate this board but no one from our country seems to be interested as most of them are only checking or working on the Bounty board. Another thing is that their is no encouragement from any Merit source.

Government may successfully reduce the trading on paper, but they forced the users to use the back door because of unfairly high tax rate, so I can see a lot of activity on p2p like LBC again than before which says Indians didn't boycott crypto trading but they are off the radar due to the government rules.

I would still suggest you to wait till 2024. I am and many other Indian crypto communities are expecting some very harsh treatment from this government. We all know Modi will comeback but whether in full majority is something debatable.

[Bitcoin Smith]

This board was once active and I did saw a topics which were related to free raffle and the prize was Bitcoin. There were many members who had won those raffle. A little bit of buzz was also here and suddenly that all stopped after the new tax law. At the moment only a few members remain active on this board.

As per the RBI governor Bitcoin and crypto is a threat to India and he wants it to get banned. What @pakitheboss said is correct, as the government would now get busy with the election scheduled for 2024 and wouldn't try to take any action that will hamper its vote bank. I also feel some bad news will come in 2024 or 2025.

I do remember that raffle and it was a great initiative taken by    Heisenberg_Hunter to boost the traffic of our board and it worked only for a while, so as a community we need to engage into discussions so whenever a new Indian member joins it will be helpful for him to understand.

Government never thinks what is good for the people, they will think what is more profitable for officials and as a banker we can't expect RBI Governor to tell the truth about decentralized monetary system.

To be honest, the current 30% taxation is nonsense! I personally have stopped selling bitcoin after this rule came into effect. 30% tax without the chance of offsetting losses, is just bad for the crypto market in general.

It will definitely change if some progressive politician becomes the FM. But looking at the rulling party, the chance is slim.

30% tax along with 1% TDS discouraged people to convert the BTC to fiat but if we keep holding the profits will go higher and higher when the time passes, we can't expect the ruling party with idea of religious thoughts to progress towards financial sectors but I do hope someone will get into the power who understand the system.

Good to hear that someone is active and keeps attack of what is happening around. I did try to activate this board but no one from our country seems to be interested as most of them are only checking or working on the Bounty board. Another thing is that their is no encouragement from any Merit source.

I do see lot of members from our community on the main boards much often but they forget to visit here, which maybe changed gradually when we all contribute to make the change. Lack of merit circulation can be a reason too but the results can be felt later in a good way once we successfully activated the system.

[pawanjain]

The Indian sub has really low engagement which is the reason why most of us don't post in this sub these days.
Besides that, the government hasn't been showing support to crypto currencies which is another reason why new members aren't joining the forum and hence no posts in Indian sub.
Although high taxes are imposed on crypto trading I really don't think that the government will, at any point of time in future, completely ban crypto trading as @pakhitheboss mentioned.
Also, there are talks about a CBDC launching soon so lets see how that gets implemented and how things go forward for crypto in India.

[pakhitheboss]

The Indian sub has really low engagement which is the reason why most of us don't post in this sub these days.
Besides that, the government hasn't been showing support to crypto currencies which is another reason why new members aren't joining the forum and hence no posts in Indian sub.
Although high taxes are imposed on crypto trading I really don't think that the government will, at any point of time in future, completely ban crypto trading as @pakhitheboss mentioned.
Also, there are talks about a CBDC launching soon so lets see how that gets implemented and how things go forward for crypto in India.

I don't think government taxes are is the main issue for low engagement. What I feel is not helping good topics to come up is merits distribution. I too avoid giving merits to news or promotion on this board.

 Although, I tried my level best to get traction on this board but non of those merit source ever looked on those reply, topics, threads and anything. They were only focusing on thier betterment rather the board itself

.They also were too much engaged considering what could make this board interactive. They were only focusing on what is profitable for them.

I still believe we can get his board active. All we need to do is encourage those who create topics that are engaging & giving them merits for thier effort. I do not see such attitude in the coming near future as most of our Merit source are least interested.

[Heisenberg_Hunter]

I have been skimming the board recently this month after quite a long hiatus and to my disbelief, the board never saw a recovery phase and has been steadily declining in engagement all these months. A few reasons can be attributed for this inactivity and among them the primary reason can be related to the currently prevailing bear market trends and overall sentiment of crypto in India. Practically, it has become increasingly difficult for a new trader or investor to get into crypto by residing in India and the government has played a larger part in shutting down the opportunities available to new investors these days. This can be ranging from imposing of unusually higher taxes; RBI governor begging government to ban crypto every now and then and creating an unnecessary FUD among new enthusiasts and so on. Crypto Entrepreneurs on the other hand, has left India altogether and created companies in much more taxation and crypto friendly nations as they have proven to be supportive to the businesses nourishing in their countries.

On top of that, the huge lack of interesting crypto news happening over in the country has left our members stranded without any topics to be discussed in real time. Additionally, Indian crypto nerds has migrated their discussion to Telegram and Reddit which has also proved to reduce the overall engagement in our board.

I do remember that raffle and it was a great initiative taken by    Heisenberg_Hunter to boost the traffic of our board and it worked only for a while, so as a community we need to engage into discussions so whenever a new Indian member joins it will be helpful for him to understand.

Thanks for tagging me in this post which made me to offer my contribution to this thread. Recently, a few weeks back I was notified by @DarkStar_ that we still do have a remaining balance of 0.00427499BTC in our escrow address.

Initially, I had an idea of discussing about this with the members of our board on the Christmas Day but owing to my personal commitments I never had the time to revisit the idea. But now, I'm planning to conduct a final raffle on Republic Day and offer the winning member a prize of 0.00307499BTC so that the remaining 0.0012BTC can be given to DarkStar_ as a goodwill since he has been holding our funds for 3+ years.

What are everyone's thoughts towards my approach of conducting a final raffle?

[pakhitheboss]

What are everyone's thoughts towards my approach of conducting a final raffle?

I am pretty much excited with your approach of conducting a final raffle. I used to wait for it in the past. Yes, I agree a lot of members have shifted to Telegram & Reddit but those who are here need to be active from time to time. I do not think that we do not have anything or any news to discuss on this board. A little bit of encouragement by senior members and Merit sources can again bring back members here.

[Bitcoin Smith]

What are everyone's thoughts towards my approach of conducting a final raffle?

I am pretty much excited with your approach of conducting a final raffle. I used to wait for it in the past. Yes, I agree a lot of members have shifted to Telegram & Reddit but those who are here need to be active from time to time. I do not think that we do not have anything or any news to discuss on this board. A little bit of encouragement by senior members and Merit sources can again bring back members here.

Conducting raffle again for the one final time is a good idea to bring more exposure in short time, but the growth will not be that much effective because after the raffle everything will be back to same as of now, so building the discussions organically will be more effective and as you said sharing merits will become the real encouragement for users to post.

We may not have anything to discuss from India, but we can discuss what is happening around the world so in case of new member joins he may get to know about everything.

[newIndia]

Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.

Whatever appeared good was suggested 3 years back - https://bitcointalk.org/index.php?topic=5188136.0. No one seemed to care.

I do remember that raffle and it was a great initiative taken by Heisenberg_Hunter to boost the traffic of our board and it worked only for a while, so as a community we need to engage into discussions so whenever a new Indian member joins it will be helpful for him to understand.

Thanks for tagging me in this post which made me to offer my contribution to this thread. Recently, a few weeks back I was notified by @DarkStar_ that we still do have a remaining balance of 0.00427499BTC in our escrow address.

Initially, I had an idea of discussing about this with the members of our board on the Christmas Day but owing to my personal commitments I never had the time to revisit the idea. But now, I'm planning to conduct a final raffle on Republic Day and offer the winning member a prize of 0.00307499BTC so that the remaining 0.0012BTC can be given to DarkStar_ as a goodwill since he has been holding our funds for 3+ years.

What are everyone's thoughts towards my approach of conducting a final raffle?

Nice idea. Would be great to move forward with it.

[pawanjain]

What are everyone's thoughts towards my approach of conducting a final raffle?

That would be a good idea but the issue of no engaging posts would still remain. Still you can proceed with the raffle to end it once and for all.
May be if we our local board is very active in future again may be then we can restart the raffle at that point of time.

What are everyone's thoughts towards my approach of conducting a final raffle?

I am pretty much excited with your approach of conducting a final raffle. I used to wait for it in the past. Yes, I agree a lot of members have shifted to Telegram & Reddit but those who are here need to be active from time to time. I do not think that we do not have anything or any news to discuss on this board. A little bit of encouragement by senior members and Merit sources can again bring back members here.

You are right. Even I had been looking out on this board every now and then to see if there's any engagement but there was none.
Eventually everyone stopped posting I guess may be due to the low engagement.
I agree with you that not having any topics to discuss is not correct. We can keep discussing new topics since the crypto community is filled with tech.
The major problem according to me is that since there is not much engagement on the posts and not enough activity one would eventually lose interest in making new topics.

[Lida93]

Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.

What is the hope for cryptocurrency in India especially this year, in my opinion not looking too great since the implementation of new tax policy last year but with the next government can something will change if there is someone who is in the position of making policies and also understand the potential in cryptocurrency and blockchain technology.

Great! Someone took the initiative to post an engaging topic on this board, as I have stopped doing it due to zero engagement & zero merits from Merit sources. It seems most of them are inactive at the moment. 

Now, coming to what you have asked. A lot of revenue from tax has gone as most investors, traders and those who made a living on Bitcoin have shifted to international exchanges. A lot of investors/traders have shifted or made arrangements to do their business in crypto tax friendly countries.

The Indian government wanted to reduce crypto engagement and in my opinion they have been successfull as a lot of Indian exchanges have declared a traffic drop. In 2023 I am sure the government would not make any changes to the law as it is a preparation year for the next election which is scheduled in 2024. You can expect a complete ban in 2025.  

It's an unfortunate situation most especially when a government that's anti crypto and also at same time don't have a broad understanding of the potential employment gains and empowerment  that blockchain technology can offer to her citizens, their policies would one aimed at discouraging  every operations that's crypto-related. And this is the case with my country Nigeria where there's a coercive ban on all cryptocurrency operations and usage and these policies only make life difficult for those of us that are into cryptocurrency like bitcoin from freely making transactions of any kind except through a p2p.

[raybucks]

Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.

What is the hope for cryptocurrency in India especially this year, in my opinion not looking too great since the implementation of new tax policy last year but with the next government can something will change if there is someone who is in the position of making policies and also understand the potential in cryptocurrency and blockchain technology.

other than taxes,
in one way it seems i see crypto in positive way in india, because our country people are now mostly educated and are mostly young, so it have high chance for adoption in our country.