Bitcoin

Bitcoin Ban: Crypto India Reacts to Draper’s ‘Shame on India’ Remark

The venture capitalist and bitcoin bull Tim Draper got furious after finding India’s leaked anti-crypto bill. He openly bashed the Indian government, labeling them “pathetic and corrupt” for not allowing a currency to enter their financial ecosystem. He tweeted:

His tweet attracted negative comments of a large number of Indians who told him that he was mistaken and didn’t have right information regarding the ban. The proposed bill has not yet taken the shape of the law, so technically India has not yet ‘banned’ cryptocurrencies.

The alleged draft has still not been approved and still holds no value. There was a spectrum of comments on his Twitter post that ranged from people correcting Tim on his misconception, others bashing cryptos while some feeling that cryptos shouldn’t be banned at all in India regardless of the fact if it’s a bill or a law.

Some even commented that Tim ‘sounded like Trump‘. Even so, the sentiment of Tim cannot be taken negatively as he is one of the strongest bulls of crypto space who has great influence. Tim invested in bitcoin in the early days. He invested $250,000 in bitcoin when the price was just $6. Although he suffered a great loss after the incident of Mt. Gox back in 2014 but stayed firm on his belief in bitcoin and now his net worth in cryptos is around $500 million.

India‘s draft bill is being circulated all over the internet. The document titled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” is the reason for this mass misconception, although the ban is very possible.

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The bill also highlights the introduction of the digital rupee that would be a digital form of the Indian rupee. This rupee would be operated and issued by the Reserve Bank of India. Whether cryptos should be this regulated or not has been a subject of debate for a long time. The draft has a strict stance against cryptos. It states:

No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use Cryptocurrency in the territory of India.

The Reserve Bank of India has previously shunned the use of cryptos actively. This campaign has led to shutdown of crypto exchanges in the country due to the massive decrease in trading volumes. The consequences of this boycott led to the demise of one of India’s fastest-growing and respectable exchanges, Koinex. Although the bill hasn’t yet been passed, there is a possibility that it or a similar bill could come into action.

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Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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