Tim Draper Says India Has Made a ‘Huge Mistake’ Cracking Down Cryptocurrencies

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Tim Draper, an important American billionaire involved in cryptocurrencies, said that India’s stance towards cryptocurrencies was a ‘huge mistake.’ India has been taking different regulations that have been damaging the cryptocurrency environment in the Asian county.

Tim Draper Comments on India

India has been taking different measures to stop cryptocurrencies spreading in the country. But according to Tim Draper, India is losing an important opportunity with its hard stance on cryptos. According to Draper, Narendra Modi, Prime Minister of India, is making a huge mistake.

Mr Draper said:

“Bitcoin and blockchain are the best things to have happened for business. Wherever countries have accepted these, they have become huge beneficiaries. India is thinking of making cryptocurrencies illegal. Other countries will raise their hands to get all the blockchain entrepreneurs from India.”

There are some countries around the world that are opening their borders to crypto and blockchain investments. But that does not mean that these countries are not regulating the market. Belarus and Switzerland, two of the most open countries towards cryptocurrencies, have imposed a set of regulations that allow businesses and entrepreneurs to settle their operations there. And that’s what India is losing.

With other countries offering attractive regulations, Indian investors could move to more bitcoin-friendly countries.

“If I had a meeting with Modi, I would have let him know he is making a huge mistake,” says Draper. “Bitcoin should be the national currency. People talk about crypto as volatile. Bitcoin is stable. The other currencies are falling against it. Bitcoin is global store of value. Within 2-3 years, I think it will be acceptable everywhere for transactions.”

Cryptocurrencies are expanding all over the world. South Korea, Japan, Switzerland and Belarus are just some of the examples where people is starting to use cryptocurrencies on a daily basis.

India’s Own Cryptocurrency

Even when India does not like cryptocurrencies and it is doing everything what is possible to stop them, it has plans to issue its own cryptocurrency.

This is what the Reserve Bank of India (RBI) hinted. The bank’s deputy governor B. P. Kanungo commented:

“While many central banks are still engaged in the debate an interdepartmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency.”

The RBI is trying to improve its financial services and products. There is an important competition between banks and financial products and what cryptocurrencies can offer. In some time, more governments will join India’s path to issue their own cryptocurrencies.

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Image Courtesy of CNBC