Topic: Will India be more progressive in the coming years? - page 4. (Read 983 times)

Indian government has always been confused and indecisive about bitcoins and their usage because earlier they banned bitcoins and made a clear statement that no transactions are allowed. Suddenly all the exchanges that were developed had to shutdown and later they said that they don't appreciate bitcoins but allow the transactions.

the government needs to understand that in a country where the tech is already so far behind, if they won't allow exchanges an other startups to operate how do they see any progress at all? I mean they should be encouraging such startups while they are actually against them which doesn't give positive signals about progress in coming time.

It is Muslim Country mate so surely Porn will be banned ,and nothing people can do about that as they are need to follow(majority is muslim then christian and other religion will have no voice regarding everything in Porn issue.
Months after the legalization another issue comes out and the banning are again the topic.

Why not have privacy when everything is almost banned in that country?

In India there is a greater chance for crypto to make a difference and they also do have some of the cheapest mobile contracts available anywhere in the world so the possibility there in theory.    However a large part of the population dont have easy access, to actually buy the phone that can run the app; its a major purchase and not justified for many.     Having free payments and ability to do commerce across such a vast land even where they have no conventional banking, this could easily be a positive that I hope nobody would dismiss as productive and beneficial both to India and crypto itself by being part of enabling growth.    
   The most important part of Bitcoin I've always thought is the easy ability to deal with very small amounts and with low fees, that part will be vital for the masses not the elite.  Bitcoin has to be part of creating reliability for small business to do well, if it does it will change the world imo.   The greatest growth in any country of the world will always come from the smallest elements, the smallest enterprise can double in a year which no great global enterprise can rival for raw energy.

Legal but still on the table for the talking. India has been never sure of the cryptocurrencies, there are many implications seen after they legalized it as we know Indians do abuse what can be a source of income. Today it is legal, then tomorrow you'll hear on the news it is prohibited again. Their government know how their people would react if they legalized it or not, best if they do but if they don't it's up to them.

The changing environment is inevitable, 10 years from now people are be more likely to accept things digitally, less anxious when things are getting done online because today? there are still a lot of people who doubt the digital process, they think it is always a scam, they think they it will just ruin them so they are accepting things manually although it consumes a lot of time.

Just wanna share you guys, my mom told me to pay for our internet so she told me to go to the bank but since we have our community rules going outside is very limited so I decided to look for an option online  and found out that it could be done in online, all I need is a wallet balance for an e-wallet then I talked to my mom, I said I'll be paying it online so I won't need to go outside and guess what she has said

" No, don't "

Now I got an idea on what we are dealing with transitioning, it is quite impossible to jump from digital in 5 to 8 years. Wait til we get old enough.

Providing a cryptocurrency legal framework and imposing some anti-crypto regulations are two completely different things. The amount of illegal activities going on with BTC is insesizable considering the fiat criminal activity volume. Yet, you can purchase stuff online without having your money seized for suspiciousness.

I would personally not even call it "Bitcoin regulations" anymore. They're just anti cryptocurrencies and anti decentralization. Makes no sense to have regulations that supposedly support a decentralized coin if through them the state enforces a third party into the game. That's not support - it's some sort of war our states began against us that most do not even feel.

Porn is banned in India. 

That says a lot about how progressive this country is. Regarding cryptocurrency, we don't have any blanket ban as such. But users face a lot of persecution and intimidation from the authorities. They will arrest someone for trading in cryptocurrency, saying that he doesn't possess the mandatory license. But then they will remain silent, if someone ask why no such license has been issued to anyone till now.

They follow the same path that the Chinese are doing. They allow BTC and then the next morning you see in the news they aren't already. But eventually, people will figure that their government has no means of disallowing blockchain and cryptocurrency.

Since Draper invested in the country, he must have known something that we don't.  Where else does the economy of a country that hit rock bottom but up.

with those many bannings happening on india i dont think they will become progressive in the coming years . we know they ban cryptos and recently i heard a news that tiktok was banned on them . there are games and other social media  that was banned on this country before but most of the countries didnt do that even if all of those can cause bad effects because most countries only thinkd that they need it to continue progressing  . not  all of them are only bad but they can be beneficial too

Although I am not an Indian citizen, I am a regular traveler to India and I know how the system works there. At least regarding the cryptocurrency, the lawmakers (regardless of the political affiliation) are more or less neutral. They are not overly opposed to it, or in support of it. The problem is with some of the bureaucrats who help in formulating the government policy. Some of these guys do have issues with cryptocurrency and they regularly urge the lawmakers to adopt tougher measures against crypto trading. Fortunately till now, the government has ignored them. But overall, the cryptocurrency users in India face a lot of harassment and lack of clarity related to tax liability and legality.

Waiting after corona virus ended and give chance for Indian to get recovery for their economic and give space to use bitcoin as trading and investing again, when bitcoin have been raise I think many people looks interested to buy and hold bitcoin for the future. India look serious how to build bitcoin as their way and good moment.

From what I do know about India's current state of things, in regards to cryptocurrency is that it's pretty bleak. Though it's currently legal, the government certainly isn't for it.  However I think like all things, eventually the country will come around when the "youth" takes over.  As for anything in this world I think most countries are ran by "non-internet era" baby boomers and that is starting to change. With that change comes the youth movement which is much more accepting of these types of technologies.

Even if the government of India have reversed it's decision with regards to the banning of cryptocurrencies and now open its engagement into using cryptocurrencies, still there is no assurance that progress will work out into their country because existence of cryptocurrency in a country will not make sure that the economy will positively grow in an instant. It would take time and that's for sure. Let us just all see if what will happen to the adaptation done by India if its government and people will make good use of it to help the funding of their economy that could help them lead to progress or they would still remain the same due to the reason that only few of the people can be able to use and adapt on using cryptocurrencies.

Still the progress of the economy of India must not dependently only relies on the existence of cryptocurrencies in their country because there are already lots of countries who have openly adapt using cryptocurrencies at the very first but still the progress of their economy have relied into the capacity of their country to manage on how they would deal to make their country progressive. Simply, the effort of country's government and its people would be a big count to make their economy grow into a progressive one.

Everything comes at a cost. You cannot expect the government of a country to allow people to freely transact money and do nothing about it. People would have taxes by doing so and even carry out illegal activities which will strong impact the countries infrastructure.

For me, it’s a nice thing that government is taking initiatives to accept the technology and making it regulated so everyone will be able to make use of it for a justified purpose and not something scandalous. Decentralization and government cannot go hand in hand but regulated decentralized crypto and government can. It is all about regulation and not control.

Hence the ban lifted off in India, i believe in the process of progress will be good on their country and it will be a good opportunities to come in the crypto sectors that will bring good benefits to them. Adoption will be slowly in progress and everything should be taken one at time to make a successful progress for coming years in India. More Indians are more delighted and more interested on crypto hence their government now allows in their country.

The economic struggles in India started well before the covid situation and the government will blame everything on the global pandemic and try to convince people about it as they know how to fool the general population. If you take a look back the major slowdown started with demonetization which was a big blunder and then the GST which harmed many industries directly and indirectly and then the Modi government was busy selling all the Public sector undertakings and it will be a big problem in the future and basically the government was destroying everything step by step and it will have a big impact on the economy.

When it comes to legalization they did not do shit, all we have is rumors of bill and i have heard stupid perception of the BTCitcoin market from some of the ministers under his government and i think it is the general perception of the party and i do not believe we will see anything good from a party who has identity politics as their main agenda.

Because India has a large population, even including 2nd biggest country in poplulation after China. That does not guarantee there is
a mass adoption of cryptocurrency in India, it depends on the crypto community in India how to educate Indian people in order to know
more about cryptocurrency. And also needed support from the Indian government, in fact several times the government will do banned
against cryptocurrency. This is what makes cryptocurrency in India used only 2% of its population. But see enthusiasm crypto community
in India, I am sure there will be more progressive in the coming years in India.

It depends because even though India have make use of having cryptocurrency in their country, still it does not assure that it will lead them into progress. There are still needed ways to let their country be progressive and that was not just to primarily depend on using cryptocurrencies. There are already lots of countries who have been using cryptocurrencies for a while but still the progress of their country totally relies on the resilience of their government and how the people coordinate to be able to have one goal to be achieve and that is to make everything in order to gain success and progress.

Also, it is in need for India to totally create mass adaption and usage of cryptocurrency in order to make it enrich. People in India must thoroughly understand how they can be able to use it effectively and wisely. But still there is no such assurance on that their country will progress because of that. The key for them to achieve such progress is to of course lies on their government and its people.

As long as BJP continues to govern India, I don't see the cryptocurrency sector advancing in any aspect over there unless courts like the Supreme Court continue to challenge their bans and other crap which they tend to pull on a regular basis.

Also, 3rd world countries like India are plagued by corruption to a great extent and crypto is pushing corruption down to a small degree as of now, but that could change if more Indian investors invest into this volatile market.

I think this is a good way to start for India to engage in cryptocurrency, having almost 98% of population who are ignorant about cryptocurrency is not a hindrance for them to achieve mass adoption. The only thing that they should do is to become courageous to achieve development in promotion of cryptocurrency if they really want it. They have a huge population and I believe that it is easy for them to spread the good information and benefits of using cryptocurrency in their community and economy. The Supreme Court should really push this issue and crypto companies should keep on making changes so that people will trust the process of cryptocurrency.

I am from India and as you said india is 2nd biggest country in poplulation but the thing is almost 98% people in india don't know about cryptocurrency in rurel area they will not even belive about it , so i do not think it will put any big diffrence