Bitcoin's Impact on South Asian Economies.

[Marvell1]

My question: If they're poor how they can have money to buy Bitcoin? Bitcoin isn't a charity or free money you can easily claim it, you must have money and you're going to pay the fee too. Bitcoin can't help the poor, the solution is the poor need to find a good job first.

If you suggest to buy Bitcoin through loan, in hoping after the next few years you can make a lot money, it's stupid since there's no 100% guarantee Bitcoin price will rise like your predictions.

Yes, bitcoin is not free, does not provide jobs or passive income to anyone, and anyone who wants bitcoin needs money first. But it can be said that bitcoin is an opportunity for poor people, who are still struggling to find ways to improve their economy. There are many people who work hard and save money and they are looking to start a business or invest to change their lives...But doing business or investing in gold, real estate... will become too difficult for them when they need large amounts of capital, but bitcoin will be the solution for them. As you know, we can invest any amount of money in bitcoin and that is what makes bitcoin different, and that makes it closer to the poor than other investments. Bitcoin is truly an opportunity for the poor.

[hyudien]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, some regions are economically very distressed. Bitcoin is an important topic for these regions. Some people in this region live very close to the poverty line. Due to which it becomes difficult for them to run parallel to the country. Through this platform the foreheads of the people of all these regions are being opened.

However this still cannot work as it should when the country's state regulations still make Bitcoin an asset that is not legalized even reaching an agreement to equate Bitcoin with other commodity assets is not yet clear. Moreover with the economic conditions being quite worrying the people there are more concerned about the supply of basic necessities than thinking about investment. In some areas for example in areas such as Sri Lanka, Bangladesh, Pakistan and Afghanistan, which are dominated by mountains and hills internet access is still quite limited making it difficult to reach Bitcoin popularity widely.

[kryptqnick]

South Asia has been allegedly the fastest growing region of the world for the last decade.
As for poverty rate, it seems around the world's average of a quarter of a population in poverty. Hopefully, there will be significant't improvements in that regard.
But as for Bitcoin, the region doesn't seem Bitcoin-friendly to me. Cryptos aren't regulated in India, but there've been cases of negative sentiments over the years. In Bangladesh, cryptos are illegal. In Pakistan, the State Bank is against cryptos and the regulatory legislation doesn't exist. In Sri Lanka, they're also unregulated, but the Central Bank seems somewhat negative towards crypto businesses. So, to be honest, I'm not sure about the impact of Bitcoin on the region. Others in the thread seem to doubt it as well.

[Solosanz]

There are many people who work hard and save money and they are looking to start a business or invest to change their lives...But doing business or investing in gold, real estate... will become too difficult for them when they need large amounts of capital, but bitcoin will be the solution for them.

Actually business is easier to make money, start a business doesn't have a big capital, you can start it from small. I've an experience to become a reseller, even though I didn't earn to big, but it's enough for me to save/invest.

If I were someone who lack of money, I don't think I will dare to invest in Bitcoin.

Do we still have people with this mentality? Taking out a loan to invest in any asset not only Bitcoin is a very risky move.

I still see few post asking the community if it's good or not to take a loan, so it means these kind of people still exist.

[Bananington]

These South Asian countries as mentioned have been reportedly adjudged with the highest poverty rate index.
Am sure for a region which don't believe so much in technological advancement such as may concern mostly cryptos, owning devices or developing the society to accommodate such a decentralized idea that is beyond the control of government, is a taboo.

This region is also best known for handcrafted merchandise, farm products and unlike El Salvador that relies on crypto/BTC as a legal tender, they rely somehow majorly on their exports that have been locally produced or factory made as a greater contribution to the nGDP annually.
This is why encouraging a decentralized network that may crash and cause more harm to the economic situation of individuals living in this region is not welcomed by their government.

[wajik-tempe]

These South Asian countries as mentioned have been reportedly adjudged with the highest poverty rate index.
Am sure for a region which don't believe so much in technological advancement such as may concern mostly cryptos, owning devices or developing the society to accommodate such a decentralized idea that is beyond the control of government, is a taboo.

This region is also best known for handcrafted merchandise, farm products and unlike El Salvador that relies on crypto/BTC as a legal tender, they rely somehow majorly on their exports that have been locally produced or factory made as a greater contribution to the nGDP annually.
This is why encouraging a decentralized network that may crash and cause more harm to the economic situation of individuals living in this region is not welcomed by their government.

The region's dependence on traditional industries such as handmade goods and local agricultural products complicates the potential of adopting decentralized currencies. Many people in these nations are poor, and governments may be unwilling to support technology that operate outside of their authority. South Asian states may emphasize the stability of their present economic institutions, particularly those oriented on locally produced exports, as opposed to El Salvador, where Bitcoin has been approved as legal money. Encouragement of decentralized networks must be done with caution, given the possible influence on individuals' lives in these locations, and it necessitates a careful balance between technical innovation and socioeconomic stability.

[petulino]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, some regions are economically very distressed. Bitcoin is an important topic for these regions. Some people in this region live very close to the poverty line. Due to which it becomes difficult for them to run parallel to the country. Through this platform the foreheads of the people of all these regions are being opened.

The main problem for the bitcoin in these countries is their government and how often they want to treat the bitcoin mining in their countries. More people in the countries wants to go through the mining but the government itself didn't comment on it.

Even there are many cases present in which the government has to take serious actions in these countries but the way the behavior of the countries government is out of curiosity. More the countries are on the same platform then there are way of going through it and then we should also decide those countries economic condition strongly.

[libert19]

My friend once talked about his friend who got into Bitcoin very early and suggested him to buy it as well, he didn't heed him then, but the guy is now rich. So I'd say, it has certainly changed people's lives.

Bitcoin is also reason for plenty others alts existence, opportunities still keep coming to change one's fortune, I understand there are scams and ripoffs, which ofc one needs to be careful about. It has also paved the way for new earning sources, you could put spare hours and rise up the ladder without using your income.

[jrrsparkles]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka,

AFAIK, Pakistan and Bangladesh banned Bitcoin, India imposed 30% tax rates and Sri Lanka doesn't have any regulations yet on cryptocurrencies.

But these all are countries where poverty exists?

Nope, we just assume that these countries are really being poor and that is what the media shows us too particularly about India but look at what they have been doing, and its one of the fastest growing economy in the world and will be the second larger economy if they goes in the same rate in less than a decade.

[Fortify]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, some regions are economically very distressed. Bitcoin is an important topic for these regions. Some people in this region live very close to the poverty line. Due to which it becomes difficult for them to run parallel to the country. Through this platform the foreheads of the people of all these regions are being opened.

I think cryptos effect in these countries is rather limited, but then it is limited in most countries at the moment. The one really useful thing to people in these countries is how it can be used for overseas remittances, where family members are able to send money back that they earned to support families in these poorer countries. Crypto allows them to avoid scrutiny of sometimes unfriendly government financial authorities and also minimize transfer fees that can be very greedy from some banks. A lot of these countries will operate various types of black market as well, as the government is unable to effectively or without corruption provide certain services. However it often depends on having an internet connection which can be hard to come by in certain areas.

[Faisal2202]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, some regions are economically very distressed. Bitcoin is an important topic for these regions. Some people in this region live very close to the poverty line. Due to which it becomes difficult for them to run parallel to the country. Through this platform the foreheads of the people of all these regions are being opened.

No doubt BTC and relevant technologies have opened new doorways for every developing country although India might not be counted as developing in comparison to the other 4 you have mentioned because it has achieved a lot and done a lot in the field of the IT sector. They did not ban crypto which they did in the start but I don't know what changed their minds and they adopted crypto.

I don't have any good idea about Sri Lanka but I think crypto is banned in Bangladesh too, as I think I had some discussion here on BTT where a person was saying he has to buy a hardware wallet from a friend coming from India to Bangla because of restriction on crypto in Bangla.

So I assume Pak and Bangla is facing the same problem with crypto, I hope someday things will become more streamline on both sides.

[GbitG]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, some regions are economically very distressed. Bitcoin is an important topic for these regions. Some people in this region live very close to the poverty line. Due to which it becomes difficult for them to run parallel to the country. Through this platform the foreheads of the people of all these regions are being opened.

What do you mean by running parallel to the country? If you mean by it that those who live close to the poverty line find it difficult to get equal opportunities like those who don't live near the poverty line, then you are right because in Pakistan situations meet your description, but I won't say anything about Afghanistan because their currency is a lot better than Pakistan's and India's. The economy is getting better day by day.

BTC has helped many people, whether they are living near the poverty line or not, and I am one of those people. I am fully into crypto; it's not that I don't do anything else; it's that my interest and love for a job or a task are totally towards crypto, and I want to avail myself of every opportunity in it, but of course, one can't do that.

Due to many issues, like the ban on crypto in Pakistan, in India, there is no ban. Even if the Indians have to pay tax, the ban is far worse than the tax. At least Indians can openly start new projects, get funds openly, and do anything in the crypto field openly, but we Pakistanis can't do that.

[tabas]

What makes people to thrive on those countries that are involved and invested on Bitcoin are the policies from their governments. In Bangladesh, AFAIK, Bitcoin is banned and that's why even if there are citizens there that can be said that are starting to make their living rise through the profits they can make from it. The government is the first one that serves as the obstacle for its people. If these countries, not just on this regions but for every country globally won't be strict and will just be neutral and allow its people to own Bitcoin. They are going to benefit from it through capital gains and taxations.

[bitcpromoter1111]

 South Asian countries have a significant unbanked population. Bitcoin and other cryptocurrencies offer an alternative financial system that allows people without access to traditional banking to participate in economic activities. This has the potential to enhance financial inclusion in the region.

[bluebit25]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, some regions are economically very distressed. Bitcoin is an important topic for these regions. Some people in this region live very close to the poverty line. Due to which it becomes difficult for them to run parallel to the country. Through this platform the foreheads of the people of all these regions are being opened.

In this area, according to what I know, they have a rich history of culture, belief, knowledge,... but the weakness is that they have class differentiation in life and that is gradually changed, perhaps they need to have changed policies to take advantage of labor resources. As well as real estate planning, I have many friends who have traveled to this area. Their feedback is always impressed and overwhelmed by the architecture, culture,... but also shared that Perhaps the problem of rugged terrain affecting urban planning is also a big problem for this area. With bitcoin (crypto), I think for it to work for good purposes, the first thing to do is to improve people's knowledge, and that always takes time to adapt.

[Renampun]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, some regions are economically very distressed. Bitcoin is an important topic for these regions. Some people in this region live very close to the poverty line. Due to which it becomes difficult for them to run parallel to the country. Through this platform the foreheads of the people of all these regions are being opened.

It's very natural to hear that Bitcoin is an important topic in South Asian countries, they all want to change their fate. I have never visited South Asian countries but from what I hear the poverty rate is quite high, especially in very densely populated countries like India. Even in my country, many people are actually very curious about Bitcoin, their goal is of course to improve their economy.

btw, in South Asian countries, education about Bitcoin is still low, there are still many who do not update their knowledge of developing technology, even though if they get good education about Bitcoin, their economy will improve too. However, regulations regarding Bitcoin must also be paid attention to, if Bitcoin is still a problem there, people will have difficulty getting education about Bitcoin and its benefits.

[panganib999]

India's definitely exploring their options in the crypto industry quite lately. Been seeing a lot of Indian projects and enterprises in the scene and that proves the point that the country's not unripe for crypto, they're very much ready to take it by their own hands so it seems. One of the most successful crypto digital marketing company's basing in the Indian territory as well, so there's that.

Although this doesn't cover the fact that prejudice and lack of education towards bitcoin in these countries are a detriment to the industry's success in South Asia. For the most part, it's either these people have no idea about bitcoin, or the impression that they have over bitcoin's negative, which is not good for business. I'm guessing an information campaign's due for coming in the region, with Bhutan leading the charge since AFAIK they're the most crypto-receptive country in the region.

[Marvell1]

There are many people who work hard and save money and they are looking to start a business or invest to change their lives...But doing business or investing in gold, real estate... will become too difficult for them when they need large amounts of capital, but bitcoin will be the solution for them.

Actually business is easier to make money, start a business doesn't have a big capital, you can start it from small. I've an experience to become a reseller, even though I didn't earn to big, but it's enough for me to save/invest.

If I were someone who lack of money, I don't think I will dare to invest in Bitcoin.

Perhaps everyone has different thoughts. While you find business easier, for me, I find it more difficult than investing in bitcoin. I once opened a small restaurant and failed even though I had many years of experience working in the restaurant industry. I feel like doing business is really difficult and it's not as easy as I thought. Meanwhile, I find online investing more suitable for me and I am achieving success beyond my expectations and am satisfied with what I have achieved.

I do not advise people who are short of money or poor to invest in bitcoin. I just want to say that bitcoin is also one of many other opportunities that they can try if they are willing to step out of their comfort zone to challenge themselves.

[MFahad]

Bitcoin can reduces the stress of the people but I think that most of the people have not hold bitcoin yet because some of them lack interest due to lack of knowledge whereas most of them are unable to buy bitcoin due to higher cost. We are talking about buying bitcoin so buying is not easy as everyone says because large number of money is needed for it whereas the salaries in South Asian countries are not enough to carry out responsibility of home so they will hardly fulfil large amount needed for investment in Bitcoin.

Those whose bank balance is enough have already brought bitcoin because they know the success of bitcoin so many of them are saving bitcoin to transfer it to next generation as it will help their children to make their life easy. Finding a job is not easy therefore people often move towards cryptocurrency so when they find it useful so they will also wish to be used by their children.

[Zlantann]

South Asian countries such as India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, some regions are economically very distressed. Bitcoin is an important topic for these regions. Some people in this region live very close to the poverty line. Due to which it becomes difficult for them to run parallel to the country. Through this platform the foreheads of the people of all these regions are being opened.

Bitcoin could create a few new jobs in these nations that could help the citizens of these nations earn a living. In my location, some youths learn diverse skills associated with cryptocurrencies and they are making money from them. Bitcoin can also attract investors to these countries which could also create employment opportunities. There are other online jobs that could also assist people from poor nations to earn bitcoin from accomplishing various tasks.

But when it comes to buying and hodling or trading Bitcoin, citizens of poor nations face so many challenges. They are limited by lack of funds to invest because of employment or underemployment. They also have to grapple with poor economic conditions, a lack of infrastructure such as power and internet facilities and corruption. The majority of the people in the area are thinking of how to survive and not how to invest because of poverty. Some young boys who were running a local Bitcoin exchange in my location were arrested by corrupt police officers who accused them of fraud. These young entrepreneurs were innocent but they were intimidated by the government officials and forced to pay bribes.