India’s ban on Bitcoin might promote corrupt practices under Modi, says Tim Draper

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Tim Draper, the prominent venture capitalist & founder of Draper Associates, explained India’s vulnerability towards being a corrupt nation by accepting its defeat against the ban on cryptocurrency, like Bitcoin, proposed by the government.

As an ardent advocate for digital tech assets like Bitcoin, Blockchain & cryptocurrencies, Draper told Indica at an event hosted by U First Capital in California, “I am hoping Modi becomes the honest politician, but when he shut down Bitcoin I thought he is going back to the old ways.”

Calling out the Indian Prime Minister Narendra Modi, Draper said that that he needed to reconsider the present hostile environment towards virtual currencies. 

 

“Shame on India leadership”- Draper

The Reserve Bank of India proposed a ban on crypto and usage of any sort of virtual currencies within banks & financial institutions in 2018, which is still not considered as a legal tender, while the court’s nations have been struggling to decide the final outcome of the proposed ban. The court hearing for the same was delayed to 12th November last month. 

Various defenders have argued that cryptocurrency assists criminal activity such as money laundering while eliminating or reducing cash flow, supporting a more transparent economy, forming a more corrupt-free network. Draper praised the concept of currency reform but added that banning Bitcoin would lead to further corruption opportunities in the system. 

Recently, a gang of three members duped and looted several Indian job aspirants across the nation and even internationally via fake job ads & fraud promises, minting money in bitcoin.

In July, Tim Draper summoned on the Indian government for banning Bitcoin in a tweet, stating it was a “shame on India leadership” and even “pathetic and corrupt”.

According to reports published by TOI, the Defence Minister of India, Rajnath Singh, on Monday said that Blockchain, Artificial Intelligence (AI), and big data technologies would form an essential part of the armed forces. 

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A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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