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What does Tim Draper think about the cryptocurrency ban in India

Apr 09, 2018 Posted /  891 Views

What does Tim Draper think about the cryptocurrency ban in India

Managing Director and Founder of Draper Fisher Jurvetson, Timothy Draper has lately declared that India will gain a great deal from cryptocurrencies as well as blockchain as it will facilitate the government to turn into more transparent as well as competent. Timothy Draper is a Bitcoin aficionado moreover considers that Bitcoin must be India’s virtual currency. He believes that Bitcoin will be ubiquitously acceptable for transactions in few years. He also said that other nations will profit from the prohibition of cryptocurrencies in the vein of Bitcoin in INDIA.

The big ban theory in India

Last week on Thursday, RBI prohibited every financial company such as banks from connecting with any cryptocurrencies in India. India has been disinclined for digital currencies ever since December 2013 when the Central Bank of India declared some terms of vigilance. Arun Jaitley, India’s Finance Minister along with other top officers has conveyed their aversion to cryptocurrencies. These standpoints by India influenced the reputation of Bitcoin in India seeing that majority of the people from India are unenthusiastic to invest in cryptocurrencies. Timothy Draper said that prohibition of cryptocurrencies in India is ‘the stupidest thing’’ plus as cryptocurrencies were prohibited in China, the capitalists, as well as engineers functioning on this new-fangled technology, went to Japan since Japan is in support of cryptocurrencies. He alleged that "If he had a meeting with the Indian PM Narendra Modi, he would have let Modi know that he is committing a big slip-up.”

A study carried out by the free internet provider Jana made it public that Ethereum cryptocurrency token is searched in the majority in India as well as has a share of 34.6 percent in the cryptocurrency searches on the whole as judge against to around 30 percent share of Bitcoin searches.

Tim Draper says: “Countries which have accepted cryptocurrencies have immensely benefited from them. The blockchain technologies along with Bitcoin are the greatest things to have happened for business”

He further added: “If countries endorse entrepreneurship in the cryptocurrency space, it will help magnetize the world’s best engineers as well as coders; otherwise they will end up losing their best and brightest to other regions.” He advised that the blockchain plus cryptocurrency companies move their base to countries that permit Initial Coin Offerings.

When in an interview with Economic Times, he was asked that ‘will blockchain disrupt the venture capital business?’ he answered:

“Our marketplace is growing smaller since a huge portion of the money raised by startups is going to form ICOs. Therefore this calls for a requirement for us to be more flexible plus to reinvent. Venture capital Businesses that do that will be flourishing. This new technology is an opening to renovate industry and we have to get on-board.”

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Tags: Bitcoin in India India’s virtual currency

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