American venture capital investor, Tim Draper’s has his take on the Reserve Bank of India (RBI) banning all financial institutions from dealing with cryptocurrencies. The ban also prohibits the banks from providing services to those trying to work with cryptocurrency. Although one of the Indian Finance Commission stated last month that “it is impossible to effectively regulate cryptocurrencies”, but it still seems as if the nation is making some on and of regulations for the crypto users in India.
In an interview with Economic Times, said he would personally like speak personally with the Prime Minister of India about the latest crackdown:
“If I had a meeting with Modi, I would have let him know he is making a huge mistake. (Bitcoin) should be the national currency.”
Now that the Indian government is showing its harsh side towards the cryptocurrency market in India, the fact that Bitcoin replacing the rupee looks more than a pipeline dream. Arun Jaitley, the Indian Finance Minister, has tried to hint that the country is not in support of cryptocurrency. During his 2018/19 Budget Speech, he stated:
“The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payment system.”
Draper doesn’t approve of such hostile nature towards cryptocurrencies from the government of India. He told the Economic Times that the digital currency space is currently exciting and could potentially get planet’s brightest engineers and coders into working. Such anti-crypto drives will ultimately push down the spirits and talent of young innovators who will go to settle in nations that are more supportive of them.
“If the local authorities are banning crypto, then companies in the space should move elsewhere. The government needs to realize that it is stifling innovation and should instead be creating an environment where these ideas can be tested and promoted.”
We hope the remarks of such an influential and powerful worldwide investor would serve as a warning to the Indian government and it would take the required measures to counter balance the losses that the new regulations would cause.
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