Topic: Will India be more progressive in the coming years? - page 2. (Read 983 times)

Getting into crypto does not guarantee that a certain country will get into instant progression for the adaption does not in state that people in India can work on using crypto effectively and make use of it wisely. The progress in India still relies on their government and people to work together to provide works that will make their economy rise with or even without crypto. Yes, as some point crypto could help due to revenues that can be gained but that will not certainly assure that it would make India progressive in the upcoming years. The progress in India must not be just reliant on using crypto but as well as improving their way of living and making good use of available resources so that they can achieve having a progress on their country. The progression of a certain country is always open to make happen depending on how its people will act to achieve it.

I think India will make a progress in the future because even their country is the second biggest population in the world, they have a lot of successful engineers and information technology students. So these successful people could start buying or using cryptocurrencies for their business and as an investment, since India have lifted the banned in cryptocurrency that will result a successful economy.

There are a lot of factors that play regarding progression in India, their population will inflate surely and the solution will not be easily formulated as the country have a very strict religion and everyone should respect that. With correlation to the inflation of population, the index for pollution will also increase. If the continuous tension between Pakistan and India will not be resolved in the coming years it will also affect but based on articles I have read about the opening of Kartarpur corridor, I hope this will be a step to a peace between these two nations. I am not an expert in economics but with the problems I present above, if they are not resolved or alleviated at least, then India will be having a problem.

I am a regular visitor to India and I have my relatives there. On average I spend 1-2 months in India every year. I don't mean to disrespect the Indians, but the government attitude towards cryptocurrency and other domains are outdated. The last time someone tried to setup a Bitcoin ATM in India, he was arrested and the ATM machine was confiscated. There are millions of cryptocurrency users in India, but doing so is not strictly legal. Cryptocurrency in India exists in the grey zone. Since there are no laws or regulations regarding cryptocurrency, it is open to interpretation by the law enforcement officials. And this can cause issues for foreigners like me.

Other things that I mentioned in my post are true. India is a country which has banned porn and gambling. Do you think that these are very progressive steps? From what I have seen, the people tend to be very hypocrite. India is one of the top consumers of porn and still they don't want to admit that. The same goes for other domains, such as prostitution, gambling and alcohol.

BTW, this topic was about the "Indian progressiveness".

I'm obviously a latecomer to this thread, but is the above statement true?  I hadn't heard of Binance imposing any such restrictions on its customers--but then again, I haven't been one of their customers in a long time and I don't use mixers anyway.  If that is indeed the case, I'm sure it's not something Binance has chosen to do; I'm sure governments hate mixers with a passion.

But anyway, none of that means there hasn't been and can't still be progress in cryptocurrency, not just in India but all over the world.  There are a lot of Indian members of the forum, but I wonder how many Indians own or use some type of crypto as a percentage of India's population.  I bet the figure is pretty low, and I'd also bet that there's a lot of room for progress. 

I'd agree with that 100%, and it's a general truth that any given country is probably a lot different than how most foreigners perceive it to be, unless they've been there themselves.  I hear stories about Indians shitting in the streets, but having met some who've immigrated to the US, I've found them to be very intelligent and civilized.  I don't know much about their culture, but I don't think India is in the stone ages as far as crypto goes.

India is investing a lot in education and is already leading in some sectors of engineering. The domination of Indian tech companies will likely continue in the near future. But there are also bad trends happening in India right now. It seems very likely that India will be affected the most of corona. We can't know how long this pandemic is going to last but the negative effects are felt in India especially hard.

I heard even facebook helped the the current ruling party in supression of hate speech against their ruled period even now it has been asked as big question when they say chinese apps are big danger to the Indian citizens.In the next 5 years or so most of the IT companies will move to AI based works and India is going to affect a lot when AI takes the place of minor works especially the tally and accounting works.

The stone age perspective is in the eyes of a foreigner, there are around millions of cryptocurrency users registered in difference exchanges in India and when it comes to porn India ranks in the top 3 position globally on porn sites and prostitution is not even grey in cities, you ask anyone public drivers and they will guide you  if not if you search online you could get the details of plenty of girls and then there are pick up bars in every major city, i accept the gambling part as it is done more secretively than the rest of the things you mentioned and hence do not be irritated about these things .
I have my opinion against the economic policies of the ruling government and it is the only aspect that will doom everything.

India has a lot of potential to become a blockchain development country because they have many technology engineers.  In recent years, they have both led the way in information technology development, blockchain will be developed and used by businesses.  The government will have to change regulations on cryptocurrencies for these businesses to thrive.  After the pandemic, they recognized a rhyme in management practices.  Blockchain would be a good idea for them in this case.

The OP was talking about progressiveness (especially in the context of cryptocurrency) and not about development. I have been to India multiple times (in fact I am a regular visitor) and the stone-age views about cryptocurrency, cannabis, porn, prostitution and gambling irritates me. They need to become a part of the modern world by removing these archaic restrictions. But till now, there is very little signs of anything positive happening.

India is a difficult country in the use and circulation of cryptocurrencies. In this country, all crypto-related activities are banned and monitored by banks and governments. I think that's why Binance acquired WarirX in 2019.
In the future, India may loosen crypto regulations, but perhaps not by much.

I think there is a very low chance because COVID-19 effect India very badly. and India invest too much in medical treatment, so there is a low budget for developmental work

Changes? You mean by people making use of cryptocurrency or Tim Draper investing in their country?
As for Tim Draper investing in their economy, or sure that will have some good impact and will be helping their economy, especially when the company he has invested in is doing well, it will be a good thing for the country in so many ways. If you’re referring to cryptocurrency, I can’t really tell what the changes are going to be, except that it gives people full control over their money and the ability to quickly send and receive payment, apart from that I can’t say any other thing.

What do you think that the Modi government is trying hard during his reign in power, selling all the profit making public sector companies and what does it denotes in the long run and right now we can call it  crony capitalism.

Adoption of BTCitcoin will give the individuals the freedom to trade globally without restrictions and that is the case with other countries but whether it will boost the economy is doubtful until the government is able to attract investors to invest in the country rather than adopting BTCitcoin.


The present government does not have a clue what they are doing, all they focus is to gain media publicity by showing some gimmick stunts but lacks any vision on how to continue the growth attained by the past government.

The funny aspect is that it took 5 years to get 5 Rafale fighter jets and the price they pay is huge and the negative aspect is that they import most or all the weapons. The IT cell is active for years and the only reason i still see them in power till this day is because of the power of spreading fake news in social media .

You are right that India has been trying to imitate the so-called free market capitalism of US after over 65 years of planned economy. The problem is that there is no institutional maturity to actually go on such a trajectory. The kind of intellectual capital needed for this has been exported from India since the beginning of information era. There are Indian fingerprints on everything from the Fiber Optic communication to the first usable memories and processors. The government and industry have failed to provide the same kind of environment to retain this talent within the country.

All sensible Indians understand the difference between India and China. All this recent jingoism driven drama on Social media is perpetuated by the IT cell of our ruling party with people spreading fake news and chest thumping about minor victories. The recent drama over 5 fucking fighter jets in the Indian media was truly embarrassing.

I don't know what you mean by "national resilience". India has no desire to become a regional power as of now but it is our bad luck that we have neighbors who are ideological opposites of us. The impoverished nation of Pakistan has a population and a military bred and fed on the concept that the very existence of a nation of idol-worshiping nation of Hindus (and the constant defeats of the Islamic republic at their hands) is an affront to them. On the other side, we have a strong and belligerent China that is out with its propaganda of a communist utopia. The success of biggest democracy next door cannot sit well with its plans. Not to mention that India keeps putting a spanner into their grand plans with non-cooperation on BRI etc.
India's Geo-strategic reality forces it to maintain an Army that can fight a two-front war if such a time comes. So, honestly, you cannot blame India for TRYING to project that it is an equal to China. It is for its very survival.

Cheers to that.

The Indian government has proven to be abusive, cloth eared and crude in its dealings with its own people. Witness that bank note cancellation and the restrictions on gold imports. None of that points to them showing any vision or nuance when it comes to crypto.

It'll take a new generation and if they become an industrial powerhouse like China even they won't really care. If I were an Indian I'd be doing it on my own in the shadows with no expectation of anything changing.

Indian crypto market gained after this pandemic, read somewhere that almost 40% spike in the transaction on Indian exchanges so particularly Indian crypto market looks healthy but the government is trying to pull back the market and wanted to shut it completely by proposing a jail and huge amount of penalty but it is not yet implemented.

Actually it was bleak but now they have lifted any sort of restrictions from bitcoins purchase and trading.


You can't expect the government to promote bitcoins right? It was a good enough decision to allow trades.


Yes and India has the highest youth percentage if I am not wrong so the use of technology and new systems would be more and more appreciated by Indians and hopefully they do accept bitcoins as a legal currency or at least a recognized payment method because that would be pretty cool. I mean they can maybe work with some company like bitpay who provide receipts,etc by payments with bitcoins.

Population at times is a burden or can even act as an advantage too . Only thing is that one should be able to streamline things in such a way that each person, capability can be if utilised it can do wonders, but when corruption overpowers it things become dangerous and the situation and country both starts to experience population as a burden.

I can't speak on behalf of over a billion people, we can't know that and there is no way to calculate a whole nation like that combined, unfortunately when you generalize a whole bunch of people together, you could always be wrong, there are individuals there that you do not take into consideration and that is why I do not support the notion of making specific generalization.

I however do not mind making the globe as an example, because in that sense you do not generalize anyone, you generalize a whole species (humans) and that is never racist or anything, you put everyone all different into same pot instead of saying just Indians or Americans or anything, you say all humans. And I believe all humans will become both more progressive but more conservative and that is how it works.

What is "progressive" today, like green world, equality, police brutality and so forth, all will be conservative thoughts in 50 years, they will be already done and achieved and succeeded, there will be even more marginal progressive thoughts in 50 years, those will be the progressives, but of course we can say the whole world will keep on progressing.