Tim Draper, the Pro-Bitcoin VC Investor, says that India is leaving itself vulnerable to corruption by attempting to ban cryptocurrencies such as Bitcoin (BTC).
On October 31, Tim Draper speaks to Indica, the California-based Media Outlet, calling on Narendra Modi, the Prime Minister of India, to rethink the current hostile environment towards crypto.
India banned banks servicing industry businesses in 2018, with government think tanks now recommending a full crackdown on ownership and use. A court battle to decide the final outcome saw its latest delay last month.
Strong message to the world. Honesty creates wealth. Corruption creates poverty. Bitcoin Blockchain #govtech https://t.co/4eGniIfZZA https://t.co/4eGniIfZZA — Tim Draper (@TimDraper) November 5, 2019
Draper said:
“I am hoping Modi becomes the honest politician, but when he shut down Bitcoin I thought he is going back to the old ways.” Tim Draper
However, it remains uncertain that how the Indian state would implement a crypto ban should one come into law. As it has been reported by Cointelegraph, the country’s disastrous 2016 currency reform, which saw the value of some paper notes disappear in holders’ pockets overnight, added to the demand for Bitcoin investment.
Proponents argue cryptocurrency aids criminal activity such as money laundering, whereas reducing or even eradicating cash allows for a more transparent economy.
Likewise, Draper praised the concept of currency reform but added that outlawing Bitcoin leaves the door open for more, not less, corruption.
He added:
“I thought it was a good move; he is getting rid of corruption and trying to create a corruption-free state, but by blocking Bitcoin, he is creating more corruption and I think that is very dangerous for the country.” Tim Draper
<img src="https://www.cryptonewspoint.com/wp-content/uploads/2019/11/tim-draper-india-bitcoin-ban-pj-1024x512.jpg" alt="Tim Draper Bitcoin Ban in India" class="wp-image-4557 lazyload" width="548" height="274" />
Tim Draper
It has been noted that Draper previously gained mixed reviews when he delivered considerably more vocal comments about India’s stance on crypto.
In July 2019, he described the Indian Government as “pathetic and corrupt.”
Thus, Delhi remains keen on blockchain, with Rajnath Singh, the Defence Minister of India, on November 4 (Monday) describing it as having transformed the face of warfare.
Source: indicanews.com | cointelegraph.com
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