Tim Draper: India’s Cryptocurrency Stance “A Huge Mistake”

Technical investor Tim Draper, criticized India’s negative attitude towards cryptocurrency, reports The Economic Times.

On April 5, the Central Bank of India announced a ban on the provision of services in the crypto-currency sector. The Indian Ministry of Finance also criticized the cryptocurrency, calling it a “Ponzi scheme” without “basic value”.

Despite Draper’s confidence regarding the ability of the Prime Minister of India to get rid of corruption, he calls the Indian government’s refusal from the cryptocurrency “the most stupid act”: “

“If I could meet with the Prime Minister, I would explain to him that they are making a big mistake,” Draper said
He notes that “bitcoin and blockchain are the best things that have happened to business,” adding that “countries such as India, which give billions of rupees to unnecessary documents, would have the most benefit from using blockchain technologies.”

“if the authorities prohibit cryptocurrencies, then crypto companies will have to look for another place to deploy their business. the government should realize that by its prohibitions it exacerbates the state of innovation” added Tim Draper

Being a big fan of Bitcoin, Draper stated that this cryptocurrency “should be the national currency” of India. He also shared his thoughts on the potential for implementing blockchain projects:

“Being on the road, there is no need to choose the government. where ever I am, I can get social security from Chile, medical insurance from Canada, education from Russia. The whole system will be much virtual.”

Concerning future investments in Indian blockchain crypto startups, Draper stated that the funds of Blume Ventures and Boost VC jointly invested in the Unocoin project, and also intend to continue the search for investments.