Topic: Crypto in Indian Economy? - page 2. (Read 497 times)
cryptocurrency becoming very popular in India because this growing popularity has been attributed to several factors, including India leading the world in terms of growth in adoption of the internet, we can see in India now days even small auto driver use to have bar code for online payment, and the country burgeoning tech industry along with tech savvy millennials providing the right consumer segment for cryptocurrency. A prior analysis by global crypto exchange KuCoin had pegged India's overall crypto population at 115 million.
The vital thing about India is the majority of the population are below 30 I think; in that economy it is certain to expand. Its more then a little part of the world that is important to BTC to be part of when it has so much growth potential. An extra conduit to the world via BTC could be very important for India and also BTC too by such a large amount of users.
Worry about the people and their attitude towards usage, more then the government or legal situation which imo will follow actual utility for the people. The people always matter most in any equation.
Worry about the people and their attitude towards usage, more then the government or legal situation which imo will follow actual utility for the people. The people always matter most in any equation.
One of the most volatile markets in the crypto market is the Indian market. The Indian market ranged between acceptance and rejection of the new market, and we are still trying to understand its position once and for all.
Yes, even now no one is sure of the legal status of bitcoin usage within the country. India that is against crypto, all of the sudden made 30% and based on the taxation people consider bitcoin usage as legal. Other than this there is nothing as official announcement on the usage restrictions.
One of the most volatile markets in the crypto market is the Indian market. The Indian market ranged between acceptance and rejection of the new market, and we are still trying to understand its position once and for all.
I do not think that India's high population is the reason why the government swings its stance between rejection and support.
It is most likely that the Indian government does not want to rush to pass legislation pending more monitoring of the market movement.
But of course, the advantages of bitcoin in the lives of many Indians cannot be denied, especially since the age group is less than 30 years old, representing the vast majority of the population.
I do not think that India's high population is the reason why the government swings its stance between rejection and support.
It is most likely that the Indian government does not want to rush to pass legislation pending more monitoring of the market movement.
But of course, the advantages of bitcoin in the lives of many Indians cannot be denied, especially since the age group is less than 30 years old, representing the vast majority of the population.
Technology, informatics has always brought benefits for citizens in India, a lot of knowledgeable people live, in India and abroad. You asked a good question, I think I will say if they adopt blockchain alongside the knowledge they have. according to already adopted statistics. I see the future of these people very positively, they will reach very different information. In this way, they will achieve prosperity and live differently from now.
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.
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. 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.
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. 
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.
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.
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. 
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.
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.
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.
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.
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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.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.
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???
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.
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!
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