India’s Inter-Ministerial Committee (IMC) report shatters the hope of millions of crypto enthusiasts in India. Besides Indian crypto community, Tim Draper was the prominent crypto leaders that criticized Indian Govt’s stance on cryptocurrencies.
Crypto Ban Will Set India Back 40 Years
Tim Draper, the American billionaire, and venture capitalist lashed out on IMC’s proposed bitcoin ban bill, stating, it will set India back by 40 years. Mr. Tim who is best known for his investment companies including Hotmail, Baidu, Tesla, and Skype compared India’s most likely decision with the Internet and said that;
“People will want to leave India to get to a country that is less backward. I suspect they will get out so they can live a better life. Tim continued, it is akin to the Luddites. 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?”
So far, the draft of jail bill was following days of speculations with no Govt officials openly spoke about it – neither good nor bad. However, Tim Draper’s comment seems quite a heart touching to a few leaders in India. While crypto enthusiasts supported Tim’s view, Indian leaders with the interest of political and social cause criticized Tim’s view on India “Ban will set India back by 40 years”.
Very Silly Unwanted, Indian Leaders on Tim Draper’s Comment
Mohandas Pai who is the co-founder of country’s one of the largest NGO “Akshay Patra” and a chairman at Aarin Capital, the tech incentive investment firm, backlashed Tim saying, Very silly unwanted comments.
Will Set India Back By 40 Years: VC Tim Draper On India’s Report Calling For Crypto Ban
— Mohandas Pai (@TVMohandasPai) July 26, 2019
Gaurav Pradhan who is the Global Top 100 CIOs according to his Twitter profile and a founder of NGO, Gaurav Pradhan Foundation – said that; “Crypto is poison to state currency”.
@TimDraper first need to basics why Crypto exists or rather came into existence. It is bcoz the state currently lost the value and trust India doesn’t need it. Crypto is poison to state currency
While Mr.Pradhan and Mr.Pai shared their opinion by disagreeing to Tim’s comment, Indian crypto enthusiasts didn’t stop supporting Tim as well as the crypto revolution in India.
Following the same tone, Mr. Sunil Sharma who is Top 50 Tech Leader – responds on Tim’s Linkedin post,
As for now, the draft bill hasn’t been considered as a law but the sentiment that it carries is becoming the major topic of concern for the whole Indian crypto community. In the meantime, the community is expecting to receive positive crypto regulations from Shri Anurag Singh Thakur who is the Minister of State in the Ministry of Finance.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com