Tim Draper: Banning Cryptocurrencies in India is Grave Mistake

April 10, 2018

Last week Reserve Bank of India prohibited local banks to provide services to customers engaged into cryptocurrency activity. The decision triggered a huge crypto community backlash, most of users got worried on the issue. Prominent investor Tim Draper also voiced his negative view of the situation and called it wrong.

In the interview to The Economic Times Draper addressed to the India’s Prime Minister Narendra Modi and claimed, restricting cryptocurrencies in a mistake.

Draper said, disregarding cryptocurrencies as payment means is the “stupidest thing” and mentioned China as an example. The investor pointed out, banning cryptocurrencies result in situations when experts are forced to move to other countries like Japan.

Tim Draper also spoke in support of Bitcoin and blockchain and called them “best things to have happened for business.”  As he noted, countries with India among them may score advantages if developing these technologies.

Remember, Tim Draper constantly makes positive remarks on cryptocurrency and blockchain. In November last year he claimed, people would mock at fiat currencies in some years, while in February 2018 he predicted Bitcoin and blockchain to conquer the world leaving no room for fiat.

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