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.
“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.
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.
“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
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
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.