Tim Draper on India’s Crypto Ban: Country Not Tolerating Progress, “Will Set Them Back 40 Years”
In a recent interview with Inc24, American Venture Capitalist and Founder of the Draper Fisher Jurvestson, Tim Draper, shared his viewpoints on India’s cryptocurrency ban reports Bitcoinist.
According to Draper, the country’s move voices what he deems standing against progress. In particular, he said:
“They are in fact saying, ‘we will not tolerate progress.’ It will set them back 40 years. Imagine if they did this with the internet?”
He went as far as arguing that Indian residents will gradually be exiting the country “to a country that is less backward,” adding that he suspects, “they will get out so they can live a better life.” When it comes to India’s stance on cryptocurrencies, it has always been about the Reserve Bank of India (RBI) from the get-go.
This was an obvious indicator that the country’s bank was in charge of financial matters. Draper argues that the RBI is exhibiting its power and control, emphasizing that corruption still exists.More specifically, he said:
“It seems as though they are clinging to their power instead of thinking of the good of the country. This move shows that [Prime Minister] Modi has not yet rooted out corruption in the country. It lives on in his own government.”
India Standing Strong by Its Crypto Ban Endeavors, Possible Plans for Digital Rupee?
It seems like India has no plans to reconsider the likes of cryptocurrencies, as a total cryptocurrency ban has recently been proposed reports CCN.
Initially warning its residents of a 10-year prison sentence for taking part in related activities, the recent proposition allegedly comes from the Indian Interministerial Committee, who instead proposed the creation of a digital Rupee.
A 200-page report was shared and expounded on the several use cases of blockchain technology, which the country has since praised and admired. The only crypto that the country will accept is the digital rupee, which many have since questioned (maybe a possible sign of control?).
How Did India Come this Far into Banning Cryptos?
Interestingly, the country was not initially planning to ban cryptocurrencies, but actually regulating them reports CCN. As per Economic Affairs Secretary and Head of the Interministerial Committee, Subash Chandra Garg, digital assets “will likely lead to better results.”
Furthermore, the country supposedly expressed fear of a ban in the first set meeting in 2017, as members were convinced that the entirety would increase illegal activities.
Officials wanted to take the time to understand the nature of cryptos and how they should be considered. Unfortunately, the second meeting in 2018, convinced regulators that the ban was necessary.