Topic: Bitcoin's Impact on South Asian Economies. - page 2. (Read 368 times)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

It is a big misconception that bitcoin can save someone or change their quality of life. No, it can potentially change the income, provided that a person learns the features of cryptocurrencies as an asset and trades on the exchange. Preliminarily investing a decent amount of money in the turnover. But as you understand from the description - a poor person has no start-up capital and can not invest in Bitcoin.
There is a second reason, which I have explained many times - the volatility of cryptocurrency. Theoretically, it can be considered a good option long-term holding can give a good profit. Theoretically. Now model the situation for a person with very low income. Even if he was able to somehow save 500-1000 dollars and bought bitcoin. With a high probability, seeing the fall of bitcoin value (and this is a normal process), and seeing how his 1000 dollars turns into 850 and there is a chance to lose more - he with 99% probability will sell bitcoin to save something. Bottom line - only losses and no salvation. The fairy tale role of bitcoin as a savior from all the poor from economic woes, unfortunately - just dreams and fairy tales.
With the same effect you can say that poor people should buy bullion, and due to the increase in price - they will get rid of poverty, but we realize how cynical such advice sounds for people who can barely support themselves....

Poverty and financial constraints make it difficult for people in Southeast Asia to invest in Bitcoin. Accessibility and time constraints prevent people living below the poverty line from getting involved in Bitcoin. Widened the gap between rich and poor, making it difficult for people below the poverty line to improve their lot. Many of these people are working tirelessly just to meet their basic needs. It is a sad reality that this regional country is not fully realizing the potential of Bitcoin to lift people out of poverty. However, I believe that education and awareness about Bitcoin and other cryptocurrencies can make a difference. If more people are aware of the potential benefits of Bitcoin, they may be more inclined to invest in it, even if it's a small amount.

There are too many issues in South East Asian nations and the poverty which we define here is due to unequal wealth distribution and there are elites, ultra riches, billionaires on one side with heavy political influence and then you have the people who are already below poverty line and struggling to float above the line by working for extra hours for basic necessities and in this situation those who are near poverty or below poverty don't stand a chance to take out their time and get into something like crypto and bitcoin which indeed can change their life but they need a capital first and learn about it, they are at a situation where they cannot invest and even if they do and bear run starts they cannot wait for 2 to 4 years to cash out.

But there are people whom I have know their life has been changed they understood the technology and has been contributing at the same time earning a good fortune. But no-one openly discusses it as you never know when government will start crackdown on crypto and users. Bitcoin became too mainstream when celebrities invested into it in 2017. In last few years things have been changing and more users were adopting Bitcoin but Indian government introduced extortion sort of tax process for crypto trading which has left everyone bothered and some of the prominent traders have even shifted out of India but small traders and investors have vanished from market, this happened during the time we saw people started adopting crypto.

Yes, what you said is correct.
Even though bitcoin is good, if we don't have the money to buy it, what's the point?
 Never mind that buying BTC for daily food is not easy.
So I think it's really important to figure out how to help people have more money first before they think about investments like Bitcoin. Yes, like opening up job opportunities, and so on.

Where is the data to suggest this? Are you referring to how some countries are making mistakes by pushing away their local traders like India, which makes them lose a ton of potential tax money or is there any survey that indicates people in those countries hold Bitcoin?

So far, what you mean by impact is probably the potential of Bitcoin to get some people out of poverty. That is true regardless of where they live though, but they need to be a little bit lucky since not all of them have the means to start DCA to begin with.

Asia is also vast and not only that. Southeast Asia also has a large population and this is a promising market share and what is even more exciting is that many millennials are now starting to explore the world of crypto and its benefits.

BTC is global everyone has the right to be able to buy it. now just waiting for the time.

The foreheads? Their head? That's funny lol.

Anyway kidding aside, it's a getting to know no borders type of thing for me. Whether you are in the world it's 1:1 BTC to BTC. It doesn't care about the location it can be distributed to anyone with a wallet and the place doesn't matter.

It is a big impact because they are distributing wealth in a different way I think.