Topic: India's Crypto Scene has a lot going on right now - Tezos (Read 253 times)

Yup. There are a lot of programmers there and they're even willing to teach in programming that's why I admire their country especially when it is relevant to my field.
However for crypto, I heard before that there was like a proposal for banning crypto. Turns out that crypto isn't just used as a legal tender for payment. I am not sure how India stands in crypto right now but I am hoping for the best.

Being a resident of India, I have to say that India holds a lot of promise for the cryptocurrency sector. A population of 1.4 billion, and the vast local IT/ITES industry should have made India the cryptocurrency capital of the world. But the retarded politicians have made sure that such a scenario never happens. Anyone who deals in cryptocurrency is treated like a petty criminal in India. You can check what happened to Harish BV of Unocoin Technologies, after he tried to install one Bitcoin ATM in India.

Hi Avikz,
            We are Indian and based in India and are trying to get out the fact that there are certain types of Crypto startups that can be built while all this uncertainty looms around us.

The government is not pushing us backward. They are doing nothing for now. In a sense yes that will cause us to move backward a bit, I guess as we wait for direction from them.

I split the Crypto space into 2 categories: Fiat->Crypto on ramps, Crypto->Crypto which includes trading, decentralized finance, staking, mining and so on.

The Banking ban issued by RBI is in force which affects only the first category, albeit a very important one. There are ways around this (p2p, otc etc..)

The 2nd category is LARGE and not affected thus far by any of the RBI's diktats. So I propose people do whatever they can with the first category to move from Fiat to Crypto and then focusing on the 2nd category completely, which does not depend on what the RBI says or does.

If crypto is banned by supreme court, a HUGE if and unlikely in my opinion, then I suggest we revisit all of that at that point, but it's not time for that yet and I hope it never will be. You can use banking channel via p2p and otc as your starting point into crypto.

Delegation in the context of Tezos is just the process of pointing your Tezos wallet (kukai, galleon, tezbox and others) to a Baking service like ours (check out yieldwallet.io/tezos for all details), You keep complete control of your Tezos and earn an income (right now 6+% per year). This staking revolution as I call it is moving along full speed and is outside the RBIs purview as a good example of what we can do while we wait for Indian govt direction.

Hi Gautam,

The article posted in the thread, has nothing to do with India specifically. Can you please let us know what do you mean by delegation?

India's crypto scene has definitely evolved to a much advanced state, but the government is pushing us backward. The blanket ban issued by RBI is still in force! So what exactly you are proposing?

If crypto is eventually banned by supreme court, how do you propose to use the banking channel?

Sorry man, you seem like a nice guy. But repeat after me: Crypto is not banned in India, Crypto is not banned in India :-)

There were no issues with people withdrawing Bitcoin.

There ARE issues with it being allowed for payment transactions and for Crypto Exchanges to get banking services.

We've got plenty of stable coins and I hope that your government wouldn't release yours but, I didn't know that there's a kind of idea that's building up on your country of having one.

Thanks for clearing it, so it's still a draft and not yet a law unless it becomes a law then all of you should be worried about it. I get it now that the banks don't want to entertain exchanges to directly withdraw or deposit or anything that's connected to an exchange serice

India have never give allowing for crypto become legal transaction payment and become investment assets, their country looks not happy with bitcoin and altcoin as investment, many exchange market have been banned there where Indian people couldn't withdraw their bitcoin to bank account, very sadness if we got country not allowed bitcoin for payment transaction and investment assets.

There are lots of things that are legal here even in this uncertain environment e.g. Crypto-to-crypto trading cannot be stopped, which is why Binance was so popular.

For an Indian grown example: We've launched staking services for Tezos and soon Decred. Check out decred.yieldwallet.io , yieldwallet.io/decred (in beta)  and yieldwallet.io/tezos (live)

The crypto-economy moves on.

crypto technology has already begun to be developed there, and if it is truly developed to its full potential there will be many crypto adoptions that can help the economy and also the needs of the country. I hope it can lead to positive goals, and help the country develop.

No such circular so far. As of yet, it is only banking ban.

India is going to ban crypto instead, isnt it?

this information once again confirms the theory that large governments ban cryptocurrency in their country only in order to develop their own national campaign or cryptocurrency. limiting the use of other cryptocurrencies in the territory of their country, they want only their currency to be used. but who needs such centralized crypto?

It's not that simple now, the government have lots of things to attend and crypto or even blockchain may never come into their importance. China is at least telling people to try out blockchain but India is lacking behind everything.

If only India can be accommodating to cryptocurrencies, it can contribute a lot to its growth. India is a very populated country it can cause a strong mass adoption. Just like China, India has a strong and huge populace that will cause whatever decision of the government very influential to the crypto market. But unlike China, India is a democratic country that allows more freedom compared to China.

The real attitude is that they are clueless and trying to learn more, but have kept postponing the hearing on it over and over again for months now. Atmosphere of uncertainty for anyone wanting to start a Crypto-related entity. The end users probably fall into similar categories of no-coiners, will-wait-for-govt-permission-to-secure-my-financial-future and i-ll-do-what-i-wanters

Banking services are impossible to obtain making any Fiat->Crypto on ramps a pain in the #$%

India is already aware of the value of cryptocurrency. Prohibition cannot be real. Tezos is a huge project. There are cases against Tezos. That's the biggest problem. There are cases against Tezos. In this case Tezos can be much more popular.

The situation is that we're waiting for the Govt and the Supreme court to rule on this one way or another, but making progress where we can e.g. We're moving forward with P2P exchange plans, but will likely not try to issue a Stablecoin. Just some type of 'common sense' approach to what might get us in trouble I suppose?

The one thing that's super clear is that Banks will not provide services to Crypto exchanges as they have been prohibited from doing so by the Central bank.

The rumored ban was true in the sense that there was in fact a draft bill floating around, but it's just a draft, never got debated and is quite far away from ever becoming a law that I wouldnt worry about it. It will likely get defeated far before it gets there.

Things will move forward as long as there is no law against crypto, and even then it will move underground to the black market. After the Banking ban, Indian exchanges moved to P2P for people to buy and sell Fiat with Crypto.

However you're right in the sense, things are going to slow down quite a bit. It would be nice to have complete clarity and go-ahead from the Govt.

I thought that India banned cryptocurrencies, but the situation is probably similiar to China, nobody knows what is exactly happening. Because China said that they want to be a leader in a blockchain technologies and then they ban cryptocurrency trading. Also about mining, without miners they will not have buyers for the electricity.
So what is the true attitude of the Indian government to cryptocurrencies? 

What's really the situation of crypto in India? it's hard to distinguish what's really the news with them because I'm not living there but interested of knowing the real score of their government against crypto.

Which means this is sort of a confirmation that in India there's no actual ban and the news that were coming out lately telling that there's a rumored ban happening there was exaggerating your situation.

Unless Indian governments understand the importance of blockchain, nothing will change. Indians have banned all the exchanges from transacting with Banks. The supreme Court is yet to decide on this after more than a year. Government officials need to change first.

Hi Asriloni,
     YieldWallet founder here. There is no ban. The Indian government / Courts have not made it's decision on this yet. The only logistical problem is that the Indian central bank, the Reserve bank of India has made it illegal for Banks in India to offer services for Cryptocurrency firms. Most of our initial products do not require Indian banking services and when they do, there are already tries and tested method like P2P which will allow us to continue to build out our services.

Building tools and writing software for Tezos and other blockchains has not been outlawed in any country I know of, is it's highly improbable it will..

--
Gautam

Hi,
     YieldWallet founder here. we're hoping it does not come to that (blanket ban), but we're prepared to deal with that eventuality by moving jurisdictions, pushing the technology envelope with DEXes, permissionless tech (Staking, Atomic swaps and so on).

--
Gautam

Just wanna know how that firm deal with the crypto regulation that already made by india government. To say if that firm will push the adoption for tezos is an easy thing to do while when the government will know that and then that firm must deal with the local institution.
As far as I know crypto is banning to operate in india. that makes me interesting to see how that firm can survive and get more and more adoptions.

Of course, India has a lot of resource specially in Information Technology and there are a lot of good programmers there. But the problem is that the government is trying to be aggressive against crypto.

So I wouldn't be surprised that they will enforce a full blanket ban (I hope not), but looking at how the central bank of India stance, maybe just maybe they will hinder the development of crypto in the country.

InsideCrypto.today has always felt that India's Crypto community have the brains to make Blockchain and Crypto move into mass adoption. Check out our feature article on India's First Tezos Baker and how Indra Crypto Capital is taking Cryptos in India to a whole other level.
 
https://insidecrypto.today/yieldwallets-tezos-xtz-baker-now-accepting-delegations