- Billionaire Tim Draper openly stated that the bitcoin ban in India will lead to more corruption
- The Modi Government will ensure that corruption will not be curbed
- Prime Minister Narendra Modi should rethink the current hostile environment towards crypto
Early in 2018, The Reserve bank of India (RBI), India’s monetary authority decided to take a stance on the apparent growth of cryptocurrency in India by disallowing all regulated authorities such as Banks, NBFCs, etc., in dealing with cryptocurrencies. Since then the road to adoption in India has only gone downhill.
In a strongly-worded message, Tim Draper, an American venture capital investor and a prominent investor in the cryptocurrency space, condemned the Indian government over its cryptocurrency regulations.
He tweeted earlier today: “People behaving badly! India's government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”
“…. but by blocking Bitcoin, he is creating more corruption and I think that is very dangerous for the country,” Tim added when commenting of the PM Narendra Modi’s Government so far.
This statement was only partly true as there has been no official ban with respect to cryptocurrencies. For now, Banks are not allowed to hold or have anything to do with cryptocurrencies.
But at this time, a Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 is in the initial stages and is being discussed by Indian regulators. An unverified leaked copy of the document surfaced online which holds digital rupee as legal tender and currency but not cryptocurrency.