Categories: Bitcoin Business

Tim Draper Slams India’s ‘Pathetic & Corrupt’ Leaders for Bitcoin Ban

Click here to view original web page at www.ccn.com
Tim Draper said that India is "pathetic and corrupt" for trying to ban cryptocurrencies, but the community reminds him there's no ban yet. | Source: (i) Flickr (ii) Shutterstock; Edited by CCN

The Indian government’s stance on crypto continues to spark controversy. This is especially true after reports spread on social networks suggesting that politicians want to ban all cryptocurrencies except for a sovereign token.

Billionaire venture capitalist Tim Draper was one of those to voice their opinion. The famous bitcoin (BTC) advocate rejected this strategy, describing it as a shame. But that was not enough for an angry Draper, who escalated his criticisms by calling the country’s leaders “pathetic and corrupt.”

People behaving badly! India's government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership. Pathetic and corrupt. #India #bitcoin

India Has Not Banned Bitcoin…Yet

Tim Draper is a very straightforward guy and is quite respected in the community both for his bullish sentiment and his success when investing in markets as unpredictable as those revolving around crypto. His most recent adventure with Tezos has brought him great benefits.

Draper’s tweet triggered strong reactions, especially in the Indian crypto community. While there is a sense of alertness to this possibility, a significant number of users criticized Draper for taking a rumor for granted.

Tim, Cryptocurrency is not, and has never been illegal in India

Media created a FUD (again)
Unverified proposal is circulating
It can be rejected by the court
India agreed to FATF Framework
Believe only official court orders

Next court session is on July 23rd

One of those who tweeted back is Nischal Shetty, CEO of Indian Exchange WazirX. Shetty, who is also one of the leaders in the Indian crypto scene, explained that even if the rumor is true, the government is presenting just a draft of a bill. This does not mean that there is already a law that allows the government to ban the use of virtual currencies.

We've been running #IndiaWantsCrypto and it's gathering a lot of support. I'm sure our Government will involve the community and not implement these draconian suggestions as laid out in the draft bill.https://t.co/9EFU4ESV28

Indian Crypto Scene Fights Against Anti-Crypto Policies

In the same way, a cyber movement is brewing to give crypto enthusiasts greater visibility. The hashtag #IndiaWantsCrypto is ensuring Indian policymakers receive in their feeds the arguments of the community in favor of the use and adoption of cryptocurrencies.

The Indian government is known for its anti-crypto stance. The RBI has tried on several occasions to counter the adoption and trading of bitcoin, which it considers a risk to the country’s economic stability.

Previously the RBI sought to close exchanges, freeze accounts of crypto users, and remove crypto from the country’s regulatory sandbox. This bill is now the latest attempt to kill all at once the adoption of cryptocurrencies in the country.

This posture has caused other projects to lose interest in the country regardless of how attractive the Indian market is. Facebook recently announced that it would not launch its Libra cryptocurrency in the country due to the uncertainty of a possible ban on this type of technology.

A Very Dangerous Rumor

The bill Draper speaks of was revealed by Varun Sethi, an Indian blockchain lawyer, on July 15. The text is explicitly anti-crypto and leaves no room for doubt:

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

If approved in its entirety, bitcoin could not circulate in India – at least not legally. And this is precisely one of the arguments of some anarchists who claim that no matter how hard India tries, it will never actually be able to ban bitcoin.

And while one might argue that India’s efforts to ban crypto may be “pathetic” due to decentralization, it’s also important to accept that calling the government “corrupt” did not generate the best reaction even among those Indians seeking to legalize crypto.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

54 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

55 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

55 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

55 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

55 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

56 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More