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
“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.
“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
In July 2019, he described the Indian Government as “pathetic and corrupt.”