Topic: Crypto in Indian Economy? (Read 497 times)

First of all tell me one thing, if India is very poor country then Bangladesh then why Bangladeshi people is migrating from Bangladesh to India? because better living conditions, to escape poverty, to support their financial condition. And another thing is India have very large grey economy. The reason is that the people always show lower then actual shell prices while trading or shelling vehicle, house or purchasing plot in order to reduce  taxes. This gives an impression that the Indian economy is small although economy is much larger.

Some of India's residents continue to use crypto as their current job, due to the lack of jobs there for residents. After all, crypto is also an opportunity for them to become independent according to their expertise. This is proven by the presence of several Indians who are still in the crypto project team in the last two years so others also started to follow crypto for income. And I think that if the life of the people in India will be better because of crypto, the government will definitely see this as a good space to take advantage of.

America is also not spared from crypto because generally the residents there are also familiar with crypto so they also use it very well even though they already have other jobs in their lives. And I think that not only business people have enough time for crypto development, but ordinary people also have enough time to see crypto development and follow it wisely because they can do crypto at any time without any time constraints when they want to work.

I have heard in many newspapers that most crypto traders are found in India. Young people in India mostly trade in crypto only. And every now and then various cryptos including Bitcoin are gaining good popularity for these youngsters in India. India is not so advanced economically and technologically but they have the highest bets in various casinos. And most of the casinos are in India for which most of the people in the country are currently more interested in this crypto business. Thus if the crypto business in India continues to progress then surely the country will prosper economically and in future they can move forward.

India is very big country. Very high population there. Indian economic growth is very poor even from Bangladesh. Some times indian government give legality for crypto currency and sometimes do ban.so indian people could not invest on crypto currency. Now cryptocurrency is legal in india. Indian economy is big economy if they utilize Bitcoin or another goog crypto currency then it will creat positive impact on indian economy i think. So i can tell Crypto-currency is very important subject for indian economy.

India is very advanced in all fields and India is a big country and Indian people are in big positions in the world  CEO of tech giants like Google are Indian. India has a population of around 1.42 billion so it is natural that there will be high rate of crypto users in India because India is technologically advanced. and in this modern world using technology, India is moving ahead economically too.

Yes, the transparency and decentralization offered by the crypto economy can provide individuals with greater financial freedom and the ability to maximize their earnings. India is known for its thriving tech industry, and many individuals in the country are technologically savvy and well-versed in computer science. It is not surprising that many in India have been drawn to the opportunities offered by cryptocurrency.

India used to called golden bird, do you know why India used to called golden bird? India's history is very large and  very rich with culturally and economically. India was the land of brave kings which was famous for it's royalty. India was one of the major export hub which use to fulfill 43% needs of world. During 300BC under the rule of Mauryan Empire that time World's western country was already doing trade with India. During the Mauryan Empire  borders was secured with guards their modes of trading was gold coins. Now you can think how rich India was. At that time 732000 gurukuls was there in India from where genius students use to come out like Aryabhata who invent Zero, in his book Aryabhata in 499 AD at that time he already written about Astronomy, Astrophysics and mathematics. In 1835, the British brought the English Education act to India. This destroyed the Gurukul system.

India could be economically poor but trust me, those people are one of a kind, I am not a indian but those people are one of the most smartest human race I've ever known, they are genuinely smart, both small and old indians, that's why you will find these people in every big companies around the world.

You talking technologies? Indians are made for this, go to Microsoft, Nvidia, AMD, Gigabyte, and MSI companies, Indians have the highest numbers of the most employee in these companies.

I remember a lecturer of mine who once told me that he loves having indians has his students, he claimed that are born smart, he said their IQ of learning is very fast, he made fun of himself getting married to an India lady because of this and we all laughed. The way they speak English may sound funny to you but do not underestimate Indians.

The number of crypto users is comparable to the population of India. When the state is unable to provide adequate services to its population, the people of that country will automatically become self-sufficient. They will look for alternative jobs to meet their daily needs. This is what causes the growth of crypto in India so fast compared to other countries.

America has sophisticated technology, and the community is actively involved in the development of this technology, so that the level of activity of the people is also higher, people generally don't have enough time in terms of crypto development unless they are businessmen.

People need to understand the basic of cryptocurrency. It is not a currency which is backed and regulated by government. It's highly risky and can't be regulated since it's not trackable. Those who are dreaming of getting millions by investing in it are being ignorant. There is difference between cryptocurrency and blockchain technology. So don't get confused and don't risk your money on something which is very complicated and you don't understand. Don't just daydream about being rich in no time. If you are investing little from your income then its ok but don't take risk and don't invest your all, you might lost your money.

I have a lot of Indian friends, so yeah they are into education to get out of poverty.

But in any case, and as far as I know, India government is really anti-crypto, but hopefully it won't stop our technically incline bitcoin enthusiast from India to still go and invest and involved themselves in the market.

We all know that bitcoin and crypto can't be stopped, and as much as the Indian government has a hard line stance, it's going to be very difficult for them to totally curb it.

then what about the distribution of castes in India?
I mean only people with the upper classes can access things about this and others.
like there is already a limit for each caste, is that not true?
if everyone as you say know about programming.

I totaly agree with you, most Indians are the technologically savvy. They are being a master on various technology, including blockchain technology and crypto currency, so that is why India has the most crypto currency users around the world. since 2017 until 2023, percentage of bitcoin adoption grow by a whopping 760%, then as per March 2023 user of crypto currency in india is potentially more than 150 million mark on this year.

Raising crypto awareness in impoverished regions is hard but can be done. In my opinion, introducing Bitcoin to these people should be done in phases and an evaluation should be done after the training phase. Evaluation will enable the facilitator to check how effective the Bitcoin awareness training is whether it should be continued or not. It will also enable them to tailor the awareness training to suit the audience.

I am amazed for the IT experts in India even though the majority of people in India are poor but they have the third largest crypto community in the world, I think they want to understand everything about the world of IT and networking, so many influential people from the biggest companies are from India and even the hacker community reliable also comes from India, so the development of the IT world is very easy to develop in that country even though we don't expect it when we see videos of community activities there.

India is a country with 1.5 billion people and they have converted this massive population as there strength. Today there are Indians occupying top positions of Big giants like Microsoft, Google, World bank and more. India also has replaced UK and is now worlds 5ht largest economy. Still there is poverty in India, though it has come down significantly. In country like India where there is immense skilled IT manpower, it was obvious that crypto adoption will be high compared to rest of the world.

Bitcoin/crypto isn't that difficult to acquire considering it's peer-to-peer currency that can easily be found, acquired via the internet and is global. Besides Crypto must have been recommded, shared, promoted, spoken about on the internet and media to many. And it doesn't really cost that much to have, and has lesser barrier to entry...

There are several other factors that can contribute to countries having more users/holders than other countries. Being Economically or Technologically rich not really main factors because smart phones, internet are widely available in countries that seem poor and can be used for buying (many can afford to buy) and holding.

India is one of the richest countries in the world and it is recognize as a self sufficient country in terms of meeting the basic needs of people. It can be said that they are economically prosperous countries. The education rate of this country is also very high. Moreover, Indians now lead some of the world's largest corporations. In terms of technology, they are much more advanced at the moment. It also developed as a powerful country of military power. As such, there is no doubt that their position in crypto will remain high. India is currently the only country with a large cryptocurrency market. Some of the largest crypto projects are owned by Indians. The Indian government initially tried to regulate crypto but failed. Instead they support crypto. India may emerge as a cryptocurrency hub in the future.

The use of crypto is now widespread throughout the world and countries like India certainly won't be left behind because they are one of the most densely populated countries, and currently many Indian countries have mastered the field of technology and they are very active on social media so it's no wonder if they have invested a lot in the crypto world at this time, because they know the mistake they are feeling right now is very bad and want to get out of this problem and they believe bitcoin is one way to solve this problem.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.



 

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.


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.


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???

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!

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.


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.

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.

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.

 

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.

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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.

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?


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.

You judge a country's economical situation by measuring the average situation of the total population of that country. As you have said every country has poverty and the even USA has poor people who live in the street so now you will say the USA is a poor country? That doesn't make any sense. 22% of Indians live in poverty according to Wikipedia.




Compare that with India's total population. 94% of senior people in India don't have a phone. There is no doubt that India is one of the great smartphone consumer countries but still, a big chunk of the countries population doesn't have any access to the internet. That's number is improving that's good news.

I would not use the term "business" here as the bigger number. It is more enthusiastic traders. I have recently people among my friend circle ask me about crypto advice, what coins to buy and all and the number has increased in last few years. Entrepreneurship is not what is attractive here, but making money from speculative markets is, however I could be looking at a skewed version of the data, while the ones who are watching on internet might be looking more at the startups coming from India and not their locals mindset.

The economically poor people will never become economically rich, point being a lack of aggressive development and the usual mental inertia among people. Your average Uber driver here still does not accept online UPI payments but takes cash and even writes that down on a piece of paper so as to know how to much to withdraw from the bank before reaching home. A lot of problems are there, but a certain population of the youth is who are getting into crypto, again they are more interested in shitcoins than bitcoin, unlike me.

Yes, it is. All value added to an economy while exported product has been deducted. I remembered it has a formula and I checked it online:

GDP = private consumption + gross private investment + government investment + government spending + (exports – imports)

GDP by norminal and purchasing power parity (PPP) are the two that are commonly used

Norminal is normally used often but it has been a matter of debate of which one that will give most accurate result.

List of countries by GDP (nominal)
India is the fifth

List of countries by GDP (PPP)
India is the third

If using the purchasing power parity, It can give the result above with the methodology used by Chainanalysis, but if norminal is used and no comparison of goods or services to compare the purchasing power of each local currencies, India would not have gotten that high. Even if India is in the first position, very likely US will close the gap.

About your post, you are absolutely right, in a populous country, the GDP will be higher as a result of higher work force, production and activities etc, but not absolutely reflecting the standard of living in a country. Nigeria has the highest GDP in Africa, but we in the country know how people are suffering, minimum wage of ₦30000 monthly, if converted to United States dollar in parallel market, it will be $52.63 monthly (purchasing power is low but that amount is like suffering), the rate of unemployment is very high.


So before GDP will be used to know if citizens of a country is having quality standard of living or to determine if a country is economically fit, population of the country has to be determined, in populous country like India and Nigeria, their GDP should be higher than what it is now if their economy is good.

But what I just know is that this does not change the fact that they are part of the country that is adopting bitcoin and other decentralized currencies as a result of local currency depreciation.

India being technologically and economically poor is a wrong statement. As every country have poverty India has poverty, but the economic situation is far better compared to many other countries in the world.

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. It holds the second highest population which is also a reason for the same. Among the 439 million smartphone users 100 million being cryptocurrency users is really a big thing and shows the wide market of India.



India hasn't taken a strong decision on the usage of cryptocurrency. However there is some clarity provided with the restrictions on privacy coins. Indian media is a big reason for this growth, because people are much into following the advertisement by popular faces.

Ahh....thank you for that clarification.  As I was reading the first few posts here, I remembered a map of the world showing where crypto is legal and where it's illegal, and I could swear I saw India colored red indicating that they'd made it illegal.  Good to know that the situation changed.

I don't know all that much about India as a country and certainly very little about their economy, but I do know that pretty much every Indian I've met in the US has been of above-average intelligence.  And yeah, even though that's a positive pigeon-holing, it's still pigeon-holing, which is still not a great habit to get into.  Nevertheless, I'm betting that they're going to be responsible for some future innovations in crypto, whatever they may be.  I don't think I'm way off base in saying that engineering is extremely popular as a subject of study in India, so there are probably a shit ton of math and computer geeks with great ideas for crypto projects. 

Isn't GDP a reflection of total domestic product?  If so, India's size alone would skew them toward the top of that list and wouldn't be an accurate measure of their general economic health.  I could be wrong, and I'm way too lazy to research it for the sake of this post.

According to the world population review, India is among the top 13 list of poorest countries in Asia based on their GDP per capita in the year 2020. Despite belonging to that, I believe India is not really technologically poor because most Indians are really knowledgeable in the technological aspect and field and are actually catching up with the pacing of innovations nowadays. I guess one of the possible ways they were able to disseminate information is through social media platforms and streaming platforms and through seminars and webinars. Hence, there are a lot of citizens in their country who are skilled and knowledgeable about the benefits of crypto and its downside as well.

I guess the side which India is to take, economy speaking really depends on the government and the citizens as well. I think it would just be up to them on how they would see and use cryto. They could either utilize it to their own advantage or the other way around. If they would go for the former, then it could possibly impact their economy in a good way. If they would choose to be consumed by the latter, then it would be a rough patch for their economy.

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.

In fact, India is a country that is mostly a pioneer in the field of technology. Maybe you see from the statistics the decline in the economy that is dominated by the population. However, if you pay attention, India is one of the countries that has technological progress that exceeds developed countries. Take a look at some tech developers and there you will find lots of Indian contributions.

PPP means nothing when it comes to Bitcoin.
It does help poor countries when taking into account that food and rent are lower in $ compared to other countries but when it comes to purchasing crypto this doesn't make snese anymore. Furthermore, you're looking at the total GDP, which makes no sense once you have to divide it by 1.3 billion.
PPP would place India on average at 8,079 but that doesn't mean anything once you have to purchase an internationally traded commodity, then it's the nominal you're having to look at and that's $2,313, now you look at South Korea and see that's  $34,866. So 17 times higher per capita!

The minimum wage in India is 2.8$ a day, the minimum wage per hour in Germany 11$.
It takes the minimum wage earner 100 000 worked hours in India to earn a BTC and 3 300 work hours in Germany. 50 years vs a year and 8 months.
Want more examples?

And the 100 million number, meh!
I've seen it so many times without any proof other than the surveys ordered by the exchange that I don't think even 10% of it is accurate.

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Resources just like PPP mean nothing, compare Russia with Japan or Brazil with Taiwan.

Then where this will take us so far. In a short term, this country could be benefited through this money that this crypto worker brings into their country but in the long run how this will impact that countries economy? Many people from this country invested in bitcoin and dogecoin by seeing massive growth in short times and many of them do this by taking a bank loan or selling property. Most of these people are unaware of the risk involved.

So don't you think this uneducated investor not only affects his financial condition but also the country he lives in? Is that the reason many third-world countries are not legalizing bitcoin?

I've just based my opinion on the link that I've read and when it comes to the economic status of a country, there's the basis that it had shown. But I'd like to thank you for that link since I don't really know a lot of things about them and if there is new information that's being shared with me, I'd be happy to extract and accept it and well, that's convinced me that sad reality.

In 2020, the population of India was around 1.38B, that's the number that will show if you use keywords of India's population on a search engine. And on this article from the same website: https://www.statista.com/statistics/558610/number-of-mobile-internet-user-in-india/
It says about 749 million have access to the internet and 744 million used to access their smartphones. You're right that it's half of the total population but I'd say that it's still a big number, 744 million people and it will just grow overtime.

Yeah, it's confusing. But with what I've read the latest, it is like that they're going PRO with bitcoin/cryptocurrencies and looks like the positive development starts there.

Isn't the fact that a country who is "economically poor" is enough to explain why people in a third-world country continue to use crypto as a hedge to make a living and put food on a table?

Similar to the Philippines, which is also a third-world country, bitcoin or cryptocurrency in general is used to make a living. Some individuals here are considering becoming full-time traders, NFT flippers, airdrop collectors, and so on, as long as they are making money. Another factor could be the economic impact of the pandemic, as well as the global adoption of cryptocurrency.

I don't call india a poor country since they have enough resources as well good technological adoption towards new innovation so I will not be surprise if they are the top country who use bitcoin since there young people are so talented interms in IT industry. Maybe for now the only thing india economy can benefit from cryptocurrency is their citizens using their earn money to circulate their earned money to use it upon buying goods and other businesses.

I know a good amount of Indian people working in the IT sector and they are doing very well. But the reason crypto had been created can not be achieved in a country like India. How you can step towards mass adoption of a technology that requires a digital device as an essential element. And how you can maximize your economical capability without half of your country's population who doesn't have access to the internet.

Possibly, most of them have finally experienced the things that they want. The transparency and the decentralized part of the crypto economy make it even better for everyone there, and they could maximize their earnings with it. It's the freedom everyone is capable of. A lot of technological enthusiasts live in India. They are geniuses when it comes to computers. So why are people surprised by this? I hope it's being used the right way.

Do you mean India is so technically and economical poor to raise crypto awareness? I doubt that to be true. India tops the list.

If some Indians are holding bitcoin or other crypto and the price increase, it will help the economy because there will be more passive income. Not only that, local exchanges and other organizations related to cryptocurrencies will in one way or the other bring development to an extent in the country.


Yet, India top the list. This is a bit off-topic, I understood that you quoted someone. Just that not crypto that made India most population to be living below poverty line.

They know what they should do, the Central Bank of India banned decentralized currencies, suit was filed against it and the Indian Central Bank lost. Then crypto was made legal again in India. This is what can happen in any country that are following democratic government.

According to the world bank, India is 13 poorest country in Asia. They are even behind their small neighbor country Bangladesh. More than 68% of indias total population live under poverty whose daily wages is only 2$. 30% of them earned 1.25$ daily. Source Link.

Really brother, still you think India is not economically poor?


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.


I think Indian officials don't know what they should do. They ban crypto then again unban it now they are saying they want to regulate crypto. I think they do not understand crypto very well and how they can be benefited from it.

Isn't India a country with a crap ton of technologically knowledgeable people? I remember back then; whenever I had specific problems with anything concerning programming(or tech stuff in general), there's always that one Indian dude on YouTube that has the solution lol.

Also, probably due to the desire to get out of poverty? Like how we also see significant adoption of crypto in places like Venezuela.

I don't think economically they're poor. Based on this link, they're #1 in GDP(PPP): https://en.wikipedia.org/wiki/List_of_Asian_and_Pacific_countries_by_GDP_(PPP)

And based on this article for their technological stats: India jumps 2 spots to 46th rank in Global Innovation Index 2021

Honestly, every country that sees a great source for the living of their people and for the government, it's what's matters to them. But I'm more confused about the news that has become trendy there last year about RBI banning bitcoin.

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?