Tim Draper- India making huge mistake in blocking cryptocurrency

The central bank of India announced last week that it has blocked banks from doing business with entities transacting cryptocurrency. The decision discourages many investors and entrepreneurs in the country and showed the lack of understanding on the part of regulators. 

Now, American billionaire, tech investor, and bitcoin evangelist Tim Draper have come out in opposition to the decision, calling it a "huge mistake."

Draper had only recently gotten back into India's trading market after the country's prime minister, Narendra Modi, made a public vow to crack down on corruption. In an interview with The Economic Times, Draper is quoted as saying,

If i had a meeting with Modi, I would have let him know he is making a huge mistake, adding that not viewing cryptocurrency as legal tenders is the stupidest thing.

 He believes bitcoin and blockchain will not only disrupt industries such as banking, healthcare and real estate but also enable governments to become more transparent and efficient.

In the interview, Draper also went into detail about blockchain's potential to turn the venture capital business upside down. this would create a highly competitive environment that would reward only those that are flexible and can continue to offer new products. "Down the road, you won't have to physically leave a place to choose a better government From wherever I am, I can get social security from Chile, healthcare insurance from Canada, education from Russia. The whole system will be much more virtual," he said.

Draper is a huge fan of Bitcoin who believes that the world's number one digital currency should be the national currency in India. This stance, however, could put his return to the Indian market in February 2017, after leaving a year earlier, in jeopardy. India's Ministry of Finance often refers to cryptocurrency as a Ponzi scheme that has no intrinsic value.

Spread the news