Topic: Indian Economy rising at slowest pace - Should they consider Crypto-currency? (Read 558 times)

Black money is more of a problem in countries such as China and Russia and yet they have managed to achieve good level of economic progress. The reason for economic stagnation in India is resulting from fiscal deficit, which is in turn caused by the wasteful spending by the government. Freebies are being given like never before and the small salaried class is getting more and more burdened with the taxes.

A country will never be able to progress until the majority of the population pays taxes. In India a very small fraction pays income tax (may be 3% or 4%), while the remaining lives off freebies from the government. Since the tax base is so low, the government is forced to levy very high indirect taxes (GST, VAT, excise duties.etc), which is further impacting the health of the economy.

Black money? what do you mean by black money because this is the first time that I am hearing this, pardon me please if my question is much, but just kindly explain to us what the black money you said is India’s problem is all about?  For the cryptocurrency ban, it might just be people that blew it out of proportion really.

I am not sure that the government form their presidency has even taken any action again cryptocurrency, and I think the person I read started this was one mayor before he left and till now, he has still not said anything about cryptocurrency gain and I am sure that the case that was even in court will surely die down slowly because it seems to me that they are beginning to understand the whole cryptocurrency technology.

Black money in Indian economy is one of the main factor that causing them still as an under developed country,in the past they tried demonetization to bring all the black money out but the political influences of ruling party got the most benefits.

There is no actions about the crypto currency in India and only there is banking ban which is still unclear yet.

This, the problem of most governments is that they have forgot that they are there to serve people and instead they are just serving themselves, most governments are  too big and have too many people working there and paying too much to their employees, this cannot be sustained and it becomes a burden on the rest of the economy, then the government raises the taxes and to their surprise they become victims of the Laffer curve and they get less money in return as businesses close their doors or begin to try to avoid the harsh taxation.

India happens to be one of the best country that are IT inclined and people go to them often from different part of the world for learning,  and when it comes to technology, I think they also have the best technology which can be seeing through their hospital equipment which makes people want run to their country for treatment, which is why I found it every  unbelieving  that their cold attitude to bitcoin is because they are conservative.

I don’t know exactly why I could say that they are fighting bitcoin hard, if it were to be country like America, we could say that they are trying to protect their dollar which to them is far more important than what any profit crypto could bring, but what does India have to protect so bad when they would have accepted this technology to better their economy.

I doubt that's going to work where we are today in the world of crypto. If we compare acceptance and how user-friendly both Bitcoin and fiat are, then fiat comes out as clear winner.

Maybe when Bitcoin is really mass-ready, and countries exempt the practice of spending Bitcoin from taxation, then it could be something of interest, but we're so far away from that right now that we have to forget about it.

It's more likely that we see governments tokenize their fiat currencies and shove them right in your throat as the only legal tender. Fiat is already digital for the most part, so tokenization is the next logical step.

It's not the demonetisation it is the government actually the government itself is taking decisions which are decreasing the value of Indian currency.
For any currency to be strong the only thing necessary is good governmental laws and regulations which makes the society plus national banks plus debt to income ratio stable and I don't see this happening.
Cryptocurrencies will only create problems if used entirely...but. If used carefully with proper intellect ..it could actually be a boon ..but ppl need to know all the risks

They are trying to create their own crypto money that will be an alternative to the national currency. The law offers harsh penalties for using free cryptocurrencies and Bitcoin. At the same time, he advocates the creation of a new state cryptocurrency. A digital rupee for residents of India will be presented after consultation with the central board of the Reserve Bank of India.

This is correct. The economy is going down because of the burden from freebies. And cryptocurrency is no solution for any of these issues. Rather than reducing the freebies and subsidies, the current government have been increasing them to get the votes. But there is no alternative. The opposition is lead by a clown, and is much worse than the ruling coalition.

Crypto is not a solution when you are at economic crisis. They should have considered it some years ago. They just needs to decrease their operational costs and spend moeny to create jobs and boos the economy with internal production and consumption.

But it's basically their own decision to bring economy to here. It's the corruption and scandals that are paying off. It's always the poor who suffers in economic crisis.

Modi knew about it happening a year ago but he was focused on diverging people to unnecessary issues like a fake moon lander and force integrating Kashmir.

Crypto would do good for any country especially a developing one like India but the truth of the matter is that its very unlikely to happen in the near future as India is not only pushing for a crypto ban but to make trading punishable by a lengthy jail sentence or death from what I have read.

Being an Indian, I can tell with a pretty high pitched voice that the Indian government won't be considering cryptocurrency any time soon as the economy is looking to sustain what was a wave of reforms brought by the Modi government which include GST and the famous demonetization. The last thing our country would want is private cryptos like Monero being legal which further helps corrupt politicians to launder money.

I think the government of India is very conservative, so it is difficult for them to change their attitude to innovative technologies and accept Bitcoin. Apparently because of their mentality, their country's economy is not developing very fast. But given the fact that there are many progressive entrepreneurs and enthusiasts in the country, it is quite possible that their government will change its attitude towards cryptocurrencies and will contribute to the adoption and development of cryptocurrencies in the country.

Instead of government going into crypto currency as a whole, maybe there should be some sort of support for crypto acceptance and adoption for the public? Like maybe have less taxes for stuff that are sold with crypto? That would make a lot of difference, if the tax of something you buy is lets say 18% but if you buy it with crypto it would become 8% than you will probably pick the bitcoin version, I know it will take a long time for people to move to bitcoin as a whole but overtime there would be more and more people using bitcoin which than turns into bitcoin tax and the government could have a lot of bitcoin they can sell and get dollars and increase the power of their own national fiat. It is just an idea and I am not sure if it will work but sounds like could be at least tested.

Knowing how big India is, idk how would cryptocurrency be able to speed up their economic capabilities in any way. The crypto industry is a relatively small, uncharted and somewhat undeveloped industry even though a lot of governments are already taking steps to regulate it and prevent it from doing damage to the local economy (through scams and what not.) If anything, India needs a more sensible leader that focuses on the economy and not just silly and absurd things.

India is like the worst type of democracy you can get in the world. Around 60% of the jobs (in government services) and seats in the educational institutions are reserved for certain ethnic groups. Only 40% is available for merit (and that share is also constantly decreasing). Farm loans are being waived off year after year, and this is on top of the "income support" for farmers. Subsidies and freebies have killed the Indian economy.

I don't think Crypto can change the economic situation in India. This is a country with the rich - poor gap, so large that this country has a slow growth rate. India should seek and develop economic sectors that attract foreign investment and create jobs for everyone. That will help this country to grow faster.

- Agree, the number of people who know about crypto is still very small, so even if the Indian government considers crypto, it will not help their country overcome economic difficulties, besides, India is always considered to be an underdeveloped country and has many crimes in society, it's clear that they won't have too much consciousness to work seriously with crypto. India needs to overcome these issues, rebuild a face of knowledge for its country, then consider crypto, crypto is just a way to make many good people become better, it cannot change the economy of the country too much.

Indian government already have a committee about to analyse the crypto currency allowance in India.

But they said bitcoin and all other crypto currencies from private (Other than from India government) should be banned there.

So if India wants then they should pass this bill and make cryptos as illegal there,no other consideration will be taken from them.

You know what, the world population is currently around 7.8 billion and there are more than 1.5 billion of them under 15 years old, so only 6.3 billion are adults and I believe those who know about crypto are no more than 20% if more or less than 50%.

That crypto is not a solution for countries that are facing or will face an economic recession. India has almost 50% of the population poor so it can be said that they do not understand crypto and even if it is I think they only see crypto as a technology.

So in my opinion crypto is not a solution for a country that is experiencing an economic recession.

I don't really see how that is going to help or destroy them though, if it's only going to serve as a means of making payments. There is PayPal there already and it is serving for the same purpose there and if they should get a job online they can be accepting payments through PayPal. The only thing I suggest they do with cryptocurrency is just to invest and trade and that's it. Apart from that I don't really see any other thing. I mainly blame the government when a country is bad on crypto regulations.

I have seen a few people in this forum come up with points like these about countries that are economically poor using crypto to grow their level. I have seen Venezuela mentioned a lot of times and people saying they should resort to making use of cryptocurrency to get better.

 Indians have entered the crypto market quite a lot and many of them are blockchain technicians.
But the bad thing is that India still has a lot of poor households, so their growth rate is still pulled back even though their economy is improving quite well compared to 2015. .
With the intelligence of the Indians, if more people join the crypto market to make money, their economy will also be revived soon.

Maybe that is true, but what government sees is rule, if government is interested in cryptocurrency, government will lose control of their financial system, especially when there are more crypto requests. I myself agree that if crypto is on our side with all its freedom and I myself have benefited greatly from crypto, crypto makes economic equality throughout world and they are often connected, not only nationally but internationally. Yeah, but we can't force what we want because we are under government, it all depends on policies of each government and we are forced to accept it.

Thinking that cryptocurrency adoption could increase India's economic growth seems stupid to me.
How many Indians use crypto(considering the fact that cryptocurrencies are banned in India,AFAIK)?Less than 0.1% I guess.Adopting crypto might increase that percentage to 1 or 2%,but what about the other 98-99% of the Indian population?

"Country X can be saved by Bitcoin" is just another example of how disconnected from reality some crypto enthusiasts can be. Bitcoin's economy is just a microscopic dot when compared to fiat, all we have is some exchanges, gambling sites, and a few freelance sites with almost no traffic. How are you expecting it to influence economy of a 1.3 billion country?

Or do you think that massively investing in volatile asset with boom and bust cycles is going to help anyone? Then think again - what would happen is that after the initial pump, people who invested early would cash out and pop the bubble, making new investors lose money.

You can read that post to see how blockchain is being adopted in India.

https://inc42.com/resources/how-blockchain-could-be-a-game-changer-in-india/

I think the issue here is broader, population is growing at a rapid rate despite all calls to control them. That's why the country is having a hard time to really get up despite all the supposedly economic reforms past and present regimes are doing. And now they are hard on banning crypto, I guess they just shoot their foot by now allowing crypto to flourish.

Man I didn't think this could be real, but then I stumbled into this:


The numbers do boil down to about 3%, which is pretty ridiculous. Bolded part also emphasizes why they haven't been too keen towards Bitcoin adoption (more regulatory hell when they can't even handle existing ones), and why its acceptance probably won't help. Instead of looking for external solutions to their problems, they're most likely better off fixing internal problems first.

I would classify the population in to the following categories: 3% are taxpayers. Around 12% are merchants and rich farmers who do tax evasion. Remaining 85% are welfare rats, who survive on government freebies. So effectively, the first category (3%) is subsidizing the third category (85%). This can't go on forever, because the burden is increasing with every passing year.

The government made a big mistake, when it announced that it will deposit $100 per year to the account of every farmer just before the elections. There are some 700 "farmers" in India and steps like these will make them further lazy and discourage them from learning new skills. Anyway... this measure put a big hole on the budget and it is one of the primary reasons why the government is facing a funds crunch right now.

Frankly speaking, we guys are somewhat happier till any rules and regulations are announced in regards to crypto. The three things you spoke about, i.e.;

Trading - is already being done at a very high pace and I guess we (Indians) come in the top 10 traders amongst the list of all those countries where crypto is frequently traded.

Gambling - though being illegal in some parts of India, we're still enjoying this part because of crypto due to the fact that it's all pseudonymous and we can't really be traced that easy as well as we've got various genres of gambling unlocked due to crypto. The only issue we face is about settling it all into fiat and we're good.

Exchanging of products and services - is also being done with full-fledged security of crypto here (not physical but virtual products ATM) as well as services like VPN and domain names available through Indian hosting websites at cheaper rates than what we used to give in fiat. We can also purchase Gift cards of different websites through crypto with cool discounts which gives us more confidence in using cryptocurrencies.

I don't have any issue if the Gov comes ahead with some positivity on crypto, but I believe they're too old to understand what is all this about. For them, crypto is just one thing and that's "PONZI SCHEME".

I've been following India and its economy since the turn of the century and it has amazing potential for development similar to how China was finally recognised and developed.    However it also has great problems to overcome and reasons why it is has not already broken through, long standing traditions which are opposed to capitalism in some cases despite being the worlds largest democracy it is not exactly orientated towards open business.  One of the key reasons India is suffering some tightening in its economic range and expansion could be the rise of the US dollar index recently, some parts of financing come via dollar which means India may struggle to source and repay debts owed in dollars to foreign investors.    The best chance India has to continue growth is from the smallest elements growing within their country, they should consider crypto as a positive I dont doubt.  
  India is on the list of top countries with many people without bank accounts available so any services delivered to those without proper access to simple transactional ability is a positive to aid business.  

  The biggest problem with crypto use in India is they still need that basic line of internet access and basic electronics to keep rising, there are many with but also without, it may just be a question of more time needed.   There is critical mass required in every market where the majority have it easily within their grasp and this payment method becomes viable as the default payment method and that'd be a great thing to see happen in such a large potential early stage market.

India needs to take their economic policies seriously and ensure the citizenry enjoy life in good living conditions. The economic situation in India goes beyond incorporating cryptocurrencies, I believe the government needs strong policies and the political will to turn things around for the economy. I believe cryptocurrencies alone cannot solve the financial challenges of any economy in the world.

I have seen many rulers around the world who come out with splendid policies that could change the face of the nation and i have seen leaders who destroy everything on its way to attain and retain power and the Indian leader is on that category, India was an emerging super power and now the economy is struggling because of their bad policies and instead of clearing the issues we have seen them come up with polarizing useless shits mainly religion, unless these buffoons are dethroned from power nothing can be changed.
More over the government banned bitcoin if i am not wrong.

But..but ..but...
People say that lowering taxes spurs economic growth.
If Indians don't pay taxes, that's a zero tax policy, so....why is the economy not growing three times as rest?

Also, I think the program is working, I read on a local paper that beet sugar farmers around here are scared India might dump tons of sugar on the market, dropping the price all around the world and we have quite a lot of farmland dedicated to beet. So...it works. 
Of course, there is a bit of sarcasm hidden in here


Common, I live in Europe, my parents haven't touched crypto, my wife knows as mush about cryptos as my kid and he still plays with colored cubes, I have friends at work who are not 100% sure how bitcoin is spelled and you're telling me you can't live without cryptocurrencies today?
Let's, not overexaggerate things, RL cryptocurrency usage is still in the early stage, it's minuscule at this point.
Yes, there will be a time when all this will change but cryptocurrency becoming indispensable in everyday life? Not in a decade at least.

To be honest, the issue here is not related to accepting or not accepting cryptocurrencies because the crypto platform is unstoppable, people can always use it very easily as long as they have an internet connection, crypto is not a government product, the government cannot ban people from using it, Indian people can use crypto very normally without government permission. However, India's economy is slow in relation to people's knowledge level and development strategy, crypto is hard to solve this problem

Since 2013 India has indeed been predicted as a fragile country. India is a developing country that finances its growth by relying on foreign investment recession that occurred in India in addition to being influenced by domestic conditions as well as a result of the global economic slowdown that occurred since last year seen from the flow of investment and global trade. Demonetization is only as poorly planned counter policy which causes a downside on Indian economic.

The discourses that cryptocurrency can be a recession solution in India in my opinion is only a good prediction but the application will require a long time and the fact is that all state ornaments must understand what economic digitalization. Although the government understands that cryptocurrency is a new form of technological development that can no longer be avoided in use in everyday society. But there are also demands from elements of society and state institutions regarding the protection of potential fraud and money laundering practices as well as tax avoidance through the use of cryptocurrency.

In my opinion, the Indian government really understands that technology is very beneficial for them but they also realize that the application of technology can create enormous costs. The main concerns in geopolitics and geostrategy, with the presence of a cryptocurrency endangering India's stability from the threat of terrorism.

If the government really concern with their people, they can accept cryptocurrency and allow them to search for a new source income. I am sure that people in India will thank you to the government because they can try to get the money from the new source and the best is they can get a better life with that money. If people can get a better life, that will reduce poverty in that country, and the economy in that country will be growth.

It is one topic that no one in India wants to talk about. Back in 1977, there was a very controversial family planning program, which triggered a very negative response from the population. Now none of the politicians have the courage to talk about population control. All of them know that unless they control the population the economy will not grow. But they are afraid of losing votes.

I can give you some stats regarding this. Only around 3% of the Indians pay any income tax. Most of the merchants don't pay any taxes, and agricultural income is 100% tax free without any threshold. You can find the so called "farmers" driving around in their Audis and BMWs, without paying a single penny in income tax. And this is one of the reasons why more than half of the population don't want to do any jobs other than "agriculture".

Indian economy will grow only if the government stops the freebies and everyone pays their tax honestly.

Economic growth might be possible of India consider cryptocurrency.
However, the concerning point is, will the government accept it into the country system?
It is one thing for the citizens to use and hold Bitcoin but it is another thing for legalisation of this digital currency to take place.
I feel it will impact in the economy more if the government takes interest in it.

I wouldn't say it'll provide a big benefit, especially in an already larger than most economy but it does provide more options. Bitcoin is simply money and most things that can be done with it can be done with fiat, though there maybe differences in fees.

The thing is, it appears that the Indian government treats it as a scam. I don't know what led them into this conclusion. Maybe Bitcoin's heavy connection with China? Maybe they are wary of the possible problems once China completely shuts down mining operations?

Muahhahahahha, please tell me you don't actually believe that!
What business? 10 BTC a day exchanges that fled the country, a couple of ATMs that were seized in a week? 22 nodes in the country with 1.5 billion people while Bulgaria has 51?
What impact can crypto have in India other than 0.0001?

Some real education and real garbage management and healthcare system would do wonders compared to what crypto can do.


Not only that but think about the size.

The entire value of all the bitcoins is around 190 billion, even if Indians buy all the bitcoins in the world at the current and then by some miracle, it goes to 20k$ and by another miracle they manage to cash it out with crashing the price, it would still fall below 150$ per citizen.
But for Malta, the same move would mean half a million for every resident

The larger the country the less impact would some crypto make on the economy, you have to realize that the anual, remember anual, like each year military budget of the US alone, is worth nearly 4 times the value of all the bitcoins in the world.


I'm really curious about those jobs that would offer a paycheck to millions of people.
Especially since in the whole damn world there are at most 2,881,566 people with more than 1000$ worth of bitcoin.
Oh and I'm a fan of the phrase, "Not your keys, not your coins".

When a country like Inda is in question I would say they should continue the way they are doing, they are not in great shape when you look at their economy but they are not doing as bad as Venezuela or Zimbabwe, its just a bad economy which exists in many countries right now. That is why you should pick your fights first and go with the worst one, which one is the worst right now?

I would say Venezuela have been horrible for longer so maybe we should focus on getting crypto to help them out and see how well it does there first, if it works than we will move to Zimbabwe and than to another and another continue until all countries are full crypto but that doesn't mean we should do it all at once, we should first start with worst to see if it works to begin with.

India's GDP grew slowly last year due to a partial collapse of the crypto market in 2018.
You see, the crypto market is full of Indians participating and investing. There are plenty of Indian businesses operating in the crypto market and most businesses are not at a major turning point.
That is why they are affected and make GDP the lowest. But believe me, if from now on Indian people invest in bitcoin and hold it in the long term. I am sure they will thrive again.

First step would have been for them to even accept the use of blockchain technology for most of their operations and apply it, then we can talk of cryptocurrency, but rather than embracing what will help them generate more money, their lack of understanding about cryptocurrency is pushing they away from one of their economy savior.

From the release of ICO projects, do you know how such money would have even entered the country where those projects reside? India would have come up with lots of projects that are genuine and use Blockchain technology to fund it and then start taking the produce out of this country. Let’s see how the court case goes and see if there is someone who is well briefed about crypto to explain this whole thing to them.

Looking at this thread, I believe everything is related to population, literacy rate, regulation of India which is not under substantial control.

When you see India through metro cities, and developed states then there is huge amount of money flushing in. The IT, Pharma and other mechanical industries are growing at alarming rate but again most of the population dont live in the cities and are engaged in farming , horticulture etc which kind of low profile job with bad income level.

So, crypto stands less chance to help India, that's what I can conclude from this thread.

I believe you talking in a sense where India is comprises of huge population where illiteracy rate is more over literates so as to have lesser use of crypto currency or even opportunities that are being developed by Indian government ?

Regulation is part where government is actually making all the people aware of what they can live with and help grow the economy. But again bigger population, less control I guess !!

When people face challenges, there are always several alternatives to go with in other to come out on top of the situation. The same thing happens in the case of countries when faced with series of economic challenges just like this. For crypto enthusiasts, we need to have an understanding that crypto currency is not the only solution to every economic problem and not the most potent solution to economic challenge. Every country have its team or experts who understands her economic needs and landscape and are in the best place to give recommendations on the best way to go about it.

If it can have the effect through influx money from gambling, trading or any other way, it can efflux as well. Economic growth is beyond the currency. If govt can't have a growth with fiat, I doubt they will be able to do it with crypto as well. Cryptocurrency will allow its people to have financial freedom which may lead to disaster as well. Subcontinental countries are mostly corrupted, the whole world is though.
In case, cryptocurrency become legal and people start to use it, a significant inflation will occur as well as a significant financial crisis. As a result, it will hamper the economic growth of India.

In country like India everything takes time to get an effect even the laws implementation takes years so making the cryptos legal won't change anything from the current condition because people already using cryptos there and only restricted by banks for selling and purchasing this leads to shut down the exchanges on india but still sites like localbitcoin have decent amount of people doing trading there.

Indian economy is slow die to their poor financial policies and lot of corruption not due to the weakening of their fiat I guess.

I wouldn't rate a 5% growth as too slow, especially if the inflation is much lower than that level. During the UPA2 regime, the inflation had breached 14% level and the GDP growth was around 6%. But in the long term, the picture is not very rosy. NDA was regarded as a fiscally conservative alliance, but in the mad rush for votes they abandoned most of those principles and took a more populist approach.

The basic issue with India is the uncontrolled growth of the population. It is not easy to give jobs and education to 1.5 billion people, especially when the population continues to grow at a rapid pace. And since India is a democratic country, the groups with larger population will be having an increasingly powerful hold on the government. As a result, the government will be forced to dish out more and more populist schemes, thereby ruining the economy.

Indian economy will go down further and there are numbers of reasons to it! I hope my post won't get deleted by some Bhakts! 

As per the official data, India's GDP is growing at 5% rate. But the actual growth rate is way below this number. When Modi government took over the country's administration through their "divide and rule" politics back in 2014, the economy was already slowing the signs of slowing down! So in 2015, they have changed the method of calculating GDP so that an inflated data can be published. See the reference below,

https://www.wsj.com/articles/india-changes-gdp-calculation-method-1422622762

If we had stayed with the previous method, the current data would have shown somewhere around 3% growth! So our GDP calculation method is even a bigger scam that no one talks about! What we are seeing is already inflated and far from actual! Now coming back to the discussion point.

Adopting cryptos will definitely open up many major avenues for the youths to make money. New business opportunities will come up and create jobs. Millions of people will start making money from different activities related to cryptos. Even though the overall volume is currently very negligible, but with right kind of policy and promotion, it can make a serious positive impact on the economy by allowing additional cash flow. But Indian politicians are orthodox by nature and everything new is seen as a threat rather than an opportunity!

When Indian government came to know about cryptos, they called it Ponzi scheme! Instead of thinking about the positive sides, they started looking at the risks. This is kind of an attitude which harms the economy in long run and we are getting to see a glimpse of it now! The matter is now subjudice so lets hope for the best!   

Cryptocurrency is only a kind of currency. Bitcoin has been created to making the payments easier. Nothing more.
Economic growth of any country is affected by human resource, natural resources, capital formation and technological developments.
The total income of a country is determined by the goods they produce.
How bitcoin can increase the total goods that are produced?
I don't know how is the economic condition in India. But I don't think bitcoin can solve big economic problems.

When we talk about India, the economy rise at a slower pace is mainly due to political failure. Each and every scheme or taxation plans have never been discussed or surveyed before it is implemented. Maybe this will get good economic growth in the long term. When we focus for long term we need to be prepared to meet the immediate impacts. This is never done, but after implementing they keep on modifying. This is not fair and that is the perfect reason for economy slow down in India.

Now to withstand the present situation the government have taken fund from the reserve which was saved for years. Till date that's the one that kept the economy of India high.

When we talk about a state economy, cryptocurrencies will be a small part of this huge economy. Accepting cryptocurrencies will help individuals, but sharp price volatility is a double-edged sword for governments.
I do not expect that any country suffering from economic problems may resort to such solutions, especially since they may worsen the problem in the short term.
Do not forget that cryptocurrencies are easy to manipulate by countries so it will make India subject to this volatile market.

On the other hand, interest is less than the money and legislation in monitoring these currencies so they simply ban it.

There was some news published here and it seems a lot of people in India are interested to put money in crypto but what happens in reality is that India is going to ban bitcoin and set serious penalties on using cryptocurrencies.
By the way I still doubt acceptance of cryptocurrencies can do any significant or even non significant improvement in their country's economy if we consider the fact that India is a very poor country with more than a billion people.

India's current economic situation is no way similar compared to Malta, Gibraltar, or Bermuda to see that the crypto industry have an immediate effect in their economy. For one they are a nation of more than a billion people one industry that cannot even touch a third of those citizens won't have an immediate affect in the economy. Remember that bigger countries are risking a lot more when they are rushing their regulation when it comes to the crypto industry because they have more to lose rather than gain.

This is regarding the views and opportunities that Indian economy can get through crypto currency looking at the current scenario of India being entering into "Recession period".

This period is thought to be coming because of introduction of Demonetisation in 2017-2018 and followed by introduction of GST into the system. (Referred article https://www.indiatoday.in/news-analysis/story/it-is-not-recession-economy-is-growing-but-at-slower-pace-question-is-why-1594928-2019-09-03)

Overlooking all these scenario I do believe that they should have gone for the Crypto currency acceptance and make the digitalisation more or less stronger than what they would have done earlier. (Demonetisation etc.?? )

I mean crypto could have at least made the influx of money by different platforms of trading, gambling, exchange of products and services etc. The whole process would ave benefited them with the Tax and thus government could've gotten the benefits for the same.

What are the thoughts ?