Will India be more progressive in the coming years?

TheGreatPython

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Quote from: kolbalish on January 24, 2021, 07:27:49 AM

Overpopulation is a warning to a country. Regardless if that enormous population can be imposed to decent use, the country will improve quickly. That is the lawsuit in India. India is the second-most populous country. If this country can bring about decent usage of its people in crypto, it will go a long way in the years to appear.

unfortunately in India cryptocurrency is not being used properly because there have been many cases of fraud using cryptocurrency digital currency originating from India so that the government has not provided legality regarding the use of cryptocurrency in the country. I think that will keep this country from enjoying the benefits of cryptocurrency.

I am not entirely sure what you mean by not properly used, but I always believe that for a country to really grow in its economy there are things that the government has to look into, there are things that affects an economy the more, and those things should be looked into. India is not the first that started allowing cryptocurrency, there are other countries that has done that right from the start and have allowed cryptocurrency, till now what has happened?

Yes, it is good in the sense that having cryptocurrency companies will lead to having more jobs in the community or country, but the main problems should still be addressed.

laredo7mm

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Quote from: Sanitough on March 22, 2020, 11:57:52 PM

One good news from this article of : https://cointelegraph.com/news/tim-draper-wants-to-invest-in-the-coming-crypto-renaissance-in-india

Quote

Billionaire investor and the winner of thousands of Bitcoins (BTC) in the Federal Bureau of Investigation’s 2014 Silk Road auctions, Tim Draper, has set his sights on India’s nascent cryptocurrency industry.

On March 22, the venture capitalist tweeted that the Supreme Court’s recent reversal of the Reserve Bank of India’s (RBI) ban on banks providing financial services to crypto companies will drive a “renaissance” for the country’s cryptocurrency sector.

India as the 2nd biggest in terms of population, being positive with crypto might do something positive in with their economy in the future.

What do you see years from now that India will achieve due to this declaration of lifting the ban of cryptocurrency?

There is no doubt that crypto has many use cases and benefits in real life. But to use crypto users need to have a device with an internet connection. India has one of the largest online marketplaces but it also has 700 Million people who are not connected with internet service. (Source)

India is not as developed as EU countries where everybody has access to the internet. So this may help some people from their country because many Indians are involved with crypto but a big number of them will not be benefited anyway.

Vishnu.Reang

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Quote from: kolbalish on January 24, 2021, 07:27:49 AM

Overpopulation is a warning to a country. Regardless if that enormous population can be imposed to decent use, the country will improve quickly. That is the lawsuit in India. India is the second-most populous country. If this country can bring about decent usage of its people in crypto, it will go a long way in the years to appear.

China is having a similar population and almost three times the surface area as that of India. Yet, they introduced the population control law almost four decades ago and managed to reduce the population growth. Now the Chinese population growth is very minimal, and it is around +0.05% per year. But in India, an attempt to introduce family planning led to riots and anarchy in 1976. After that it was never attempted again. And the results are there for everyone to see. The average annual wage in China stands at $10,410, while in India that is around one-fifth of that level ($2120).

kolbalish

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Overpopulation is a warning to a country. Regardless if that enormous population can be imposed to decent use, the country will improve quickly. That is the lawsuit in India. India is the second-most populous country. If this country can bring about decent usage of its people in crypto, it will go a long way in the years to appear.

Terrell

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By 2050, India is projected to be the world's second-largest economy (overtaking the United States) and will account for 15% of the world's total GDP. The positive outcomes of that growth have already started to make an impact for residents. The growth also hasn't always reached every citizen equality.

emmybd

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Cryptocurrency was illegal in India. As Indian governments couldn't control it, they did not legalize cryptocurrency. But now India considers legalizing cryptocurrency.
In 2017 RBI, India's central bank issued a notice that cryptocurrency is not licensed or authorized in India. In 2018, India's central bank issued a circular where they clearly mentioned that no one will exchange cryptocurrency. But in 2020, the circular was stuck. Now there is no regulation of exchanging cryptocurrency in India. By this news, users and traders of cryptocurrency became relief.
Now the question arises, will cryptocurrency help Indian economy? The answer will be cryptocurrency will definitely help Indian economy. Because the popularity and market value of cryptocurrency is increasing day by day. Many people are earning a lot of money by trading cryptocurrency. Cryptocurrency has the ability of helping stimulate economic growth.
As India has a large number of inhabitants, so it will undoubtedly have positive impact in the future.

iamsheikhadil

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In my view, in India, the crypto-currencies will always remain in grey area. Why? Because most of the politicians simply don't care, or as in, they simply aren't educated enough to really talk about these issues. But in recent months, India did show interest in crypto, specially in the blockchain technology which can be seen as a positive move towards the industry as whole. I think there are more on the plates for them for other issues and crypto isn't their top priority.

bryant.coleman

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Quote from: Smartprofit on January 08, 2021, 06:49:10 AM

Russian programmers highly appreciate the professionalism of Indian programmers. Bureaucracy is a disaster for many countries ...

Now we are witnessing a departure from the principles of globalism. The USA, EU, China, Russia, India are focused on developing their own economies. India and China have a great competitive advantage with their large populations. If the country has 150 million people, then it is unprofitable for it to produce products for domestic consumption, because the domestic demand for these products is low.

It's another matter if the population of a country is more than 1 billion people. In this case, it is cost-effective to build factories, plants, create your own operating systems, etc.

For sometime, India has been focusing on reducing the imports from China and manufacturing most of the products within its boundaries. But till now, it only had a limited success. Take the case of electronics as example. The government announced tax breaks for companies which manufacture the electronic products locally. So most of the assembly is being done within India. But most of the components are still imported from China, such as flat screens and integrated circuits.

iv4n

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Quote from: bosede1 on January 08, 2021, 10:28:07 AM

Nigeria last year was ranked 2nd in crypto-related investment and seriously I didn't see how this affects the economy as a whole. Individually that is into this might have a lot to say like me which have positive investment but as a country no way this may not apply to India though

From my point of view if they are high ranked in crypto-related investments that will be a great for them! The ones who got in first will have more benefits in the future, as always there will be countries that will come in too late.
Nigeria with almost 200 million people is a big country, and what to say about India, they are even bigger. More people always means bigger market, and those nations with high population can make big change on any market.
Well I imagine crypto future, and I strongly believe that crypto market will grow and take more and more from traditional markets. With that in mind the ones who embrace it first will be the leaders!

bosede1

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Nigeria last year was ranked 2nd in crypto-related investment and seriously I didn't see how this affects the economy as a whole. Individually that is into this might have a lot to say like me which have positive investment but as a country no way this may not apply to India though

Smartprofit

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Quote from: Smartprofit on January 07, 2021, 07:37:00 AM

India is a great country with a lot to achieve in the future. India has a very large population (slightly less than China). Traditionally, there are very good IT professionals working in India. Pharmacology is well developed. India also pursues a peaceful foreign policy, maintaining partnerships with the United States, Russia and China.

Banning cryptocurrencies is not the best solution.

It slows down the development of the country.

Liberalization of legislation in the field of cryptocurrencies, lifting of bans will allow India to become a world leader in the creation of new technologies.

India has some good programmers and BPO/Call-center employees. But their quality is not as good as their counterparts in North America/Europe. Anyways, 99% of these employees would migrate to the Western nations, given a chance to do so. The current government is being regarded as business friendly, but it is not easy to resolve red tape and bureaucracy which scares away foreign investors.

Russian programmers highly appreciate the professionalism of Indian programmers. Bureaucracy is a disaster for many countries ...

Now we are witnessing a departure from the principles of globalism. The USA, EU, China, Russia, India are focused on developing their own economies. India and China have a great competitive advantage with their large populations. If the country has 150 million people, then it is unprofitable for it to produce products for domestic consumption, because the domestic demand for these products is low.

It's another matter if the population of a country is more than 1 billion people. In this case, it is cost-effective to build factories, plants, create your own operating systems, etc.

Vishnu.Reang

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Quote from: chrisculanag on January 08, 2021, 12:10:42 AM

We know that India is the one has grew more population in the world but the Indian government is open minded to solve the problem in there country. Also the people in India has a good education and also good profession that can help a lot there.

Cryptocurrencies there is very popular and if the government still blocking or banning this in there county it is a big lost. Like other said crypto can help also the economy of every country because its can give a work or income to the user of it. And we know that every countries have need to accept this because its very helpful to us.

Population explosion is the root cause for most of the issues in India. The population has already touched 1.4 billion and it is growing by around 25 million every year. Only around 1% of the population pays any income tax at all. That means that this 1% needs to subsidize the remaining 99%. The tax burden is very heavy on those who are in the tax bracket. With the Bitcoin prices increasing quite sharply, I expect the government to tighten the cryptocurrency trade within the country and increase the tax rates.

chrisculanag

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We know that India is the one has grew more population in the world but the Indian government is open minded to solve the problem in there country. Also the people in India has a good education and also good profession that can help a lot there.

Cryptocurrencies there is very popular and if the government still blocking or banning this in there county it is a big lost. Like other said crypto can help also the economy of every country because its can give a work or income to the user of it. And we know that every countries have need to accept this because its very helpful to us.

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There is a proposal to make GST applicable on cryptocurrency purchases and the rates are rumored to be around 18%. If this proposal is implemented, then things will get really tough for the cryptocurrency investors. Already they have to pay capital gains tax of up to 31% and the GST may take it to well beyond 50% (GST will be charged on the total amount, and not just on the profits).

AndySt

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Quote from: Vaskiy on January 07, 2021, 04:59:44 PM

The government policies seems to be supportive to the cryptocurrency market, at the same time the policy changes can take place anytime. Government has the entire control, it is a big Market and easy to reach the people. If the company have made a big turnover and further if the government isn't satisfied with any of the move surely it'll take possession. Positivity is part of growth, same time the negative also need to be analysed.

India's government policy in recent times regarding cryptocurrencies and bitcoin in particular has been expressed in any blocking, because this, in their opinion, helped to promote the state system of transfers between the population. But the gradual adoption of bitcoin by an increasing number of states should undoubtedly affect the change in the position of the state authorities of India on this issue.

Twentyonepaylots

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I believe India has always the capabilities to achieve such goal, it's just a matter of when are they going to work on it. Most people think India is a third-world country because of the quality of life of a percentage of people living there but it also can be considered a second-world or even a first-world country given their resources and technology.

Vaskiy

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The government policies seems to be supportive to the cryptocurrency market, at the same time the policy changes can take place anytime. Government has the entire control, it is a big Market and easy to reach the people. If the company have made a big turnover and further if the government isn't satisfied with any of the move surely it'll take possession. Positivity is part of growth, same time the negative also need to be analysed.

Indymoney

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Quote from: Smartprofit on January 07, 2021, 07:37:00 AM

India is a great country with a lot to achieve in the future. India has a very large population (slightly less than China). Traditionally, there are very good IT professionals working in India. Pharmacology is well developed. India also pursues a peaceful foreign policy, maintaining partnerships with the United States, Russia and China.

Banning cryptocurrencies is not the best solution.

It slows down the development of the country.

Liberalization of legislation in the field of cryptocurrencies, lifting of bans will allow India to become a world leader in the creation of new technologies.

India has some good programmers and BPO/Call-center employees. But their quality is not as good as their counterparts in North America/Europe. Anyways, 99% of these employees would migrate to the Western nations, given a chance to do so. The current government is being regarded as business friendly, but it is not easy to resolve red tape and bureaucracy which scares away foreign investors.

Due to many restrictions and local based problems many technical and good skilles peoples migrating which is biggest issue right now because in recent years there are too many issues as well and governement is completely fail to settel things in positive way due to their own agenda but if they want to do some good then surely now its time to act very quickly with then help or some very professional peoples to go in better way for bright future.

Smartprofit

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Quote from: Sanitough on March 22, 2020, 11:57:52 PM

One good news from this article of : https://cointelegraph.com/news/tim-draper-wants-to-invest-in-the-coming-crypto-renaissance-in-india

Quote

Billionaire investor and the winner of thousands of Bitcoins (BTC) in the Federal Bureau of Investigation’s 2014 Silk Road auctions, Tim Draper, has set his sights on India’s nascent cryptocurrency industry.

On March 22, the venture capitalist tweeted that the Supreme Court’s recent reversal of the Reserve Bank of India’s (RBI) ban on banks providing financial services to crypto companies will drive a “renaissance” for the country’s cryptocurrency sector.

India as the 2nd biggest in terms of population, being positive with crypto might do something positive in with their economy in the future.

What do you see years from now that India will achieve due to this declaration of lifting the ban of cryptocurrency?

India is a great country with a lot to achieve in the future. India has a very large population (slightly less than China). Traditionally, there are very good IT professionals working in India. Pharmacology is well developed. India also pursues a peaceful foreign policy, maintaining partnerships with the United States, Russia and China.

Banning cryptocurrencies is not the best solution.

It slows down the development of the country.

Liberalization of legislation in the field of cryptocurrencies, lifting of bans will allow India to become a world leader in the creation of new technologies.

bryant.coleman

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Before anyone want to post here, please go through this link:

https://www.coindesk.com/india-said-to-be-preparing-to-ban-cryptocurrency-trading-bloomberg

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India is reportedly moving to ban the trading of cryptocurrencies

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The federal cabinet is expected to soon discuss a new bill before passing it to the parliament, people familiar with the matter told Bloomberg. While the government is exploring the possible uses of blockchains to manage land records, pharmaceutical drugs supply chain or records of educational certificates, it is against cryptocurrency trading, according to the two sources.

Anyone still want to talk about progressiveness? Banning cryptocurrency is now taken as a sign of progressiveness?

As I said earlier, for a foreigner it is extremely difficult to do business in India. The laws and regulations are still stuck in the stone age and a lot of power lies with the bureaucrats. Corruption is everywhere and it is almost impossible to get past red tape and bureaucracy. There have been some progress since Modi became the Prime Minister in 2014, but it will take ages for India to become a business friendly nation.

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