An Indian crypto ban maybe beneficial for longterm development of the global crypto ecosystem
- Indians have a strong affinity to gold as store of value, smartphone usage and adoption is surging due to cheap data from jio, India has a young technical population which is increasing technologically entrepreneurial
- P2P infrastructure (fiat onramps, dexes ), anonymous launch processes, privacy focused custody options will get built out and fine tuned on a large growing crypto user base that can then be exported fluidly to other jurisdictions
- Building under duress will be done by the most motivated with techniques to insure maximum anonymity and safety for users and themselves
- A ban will be advertisement to Indians not aware of crypto. Making it off limits will increase its allure
- As @balajis and @gladstein have written banning crypto is not possible in the longterm and Indian government will have to reverse course shortly. This period of gestation for privacy preserving dissident tech will benefit the global crypto ecosystem.
- We are also likely to see a healthy exodus or ‘exit’ of projects and entrepreneurs to favorable jurisdictions this drain will serve as a warning to other jurisdictions considering adverse regulation toward crypto
Clear and adept regulation is favorable to any ban, here I am just hypothesizing the possible beneficial effects to the global crypto ecosystem incase the ban were to be enacted