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Crypto Ban might make India go 40 years back

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Crypto Ban might make India go 40 years back

The government of India has made its final stance on the regulation and banning of the cryptocurrency. Varun Sethi, an ethical and credible advocate, leak the draft concerning the prohibition of cryptocurrency in the country. After a few weeks, the Indian government gave the public the complete report.

Currently, Subhash Chandra Garg leads the Inter-Ministerial Committee, also known as the IMC. Moreover, Garg was the former secretary of Economic Affairs Department. Additionally, Garg was also a Minister of Finance, and he did release the report which said that cryptocurrency would go through damnation in the country.

The counter-banning of the use of cryptocurrency

Draper Fisher Jurvetson’s founding partner as well as venture capitalist; Timothy Draper came up with a few counterarguments. After India finalize its stance on cryptocurrency and the industry Draper didn’t turn blind side. Timothy is also the Venture Network & Draper University’s founder. He did have a lot of things to discuss concerning the new rules on cryptocurrency in India.

Recently, Timothy Draper had an interview with the Inc42. During the interview, Draper said that India’s recent move is quite similar to the 19th century, people who didn’t want to use the machinery. In simpler terms, the Indian government is saying that they are not going to tolerate the progress that blockchain brings. The cryptocurrency and economic experts suggest that commerce in several countries could easily become better with the use of cryptocurrency.

Draper also said that if India doesn’t choose to move forward with the technological advancement that comes with cryptocurrency and blockchain, the country will move 40 years back. By the looks of it, this is precisely the same if India didn’t choose to adopt the Internet.

Draper is one of the successful cryptocurrency gurus

Back in the year 2014, Draper, a notable billionaire, did make a lot of buzz in the market of cryptocurrency. During 2014, Draper did purchase around 30K Bitcoin and buying Bitcoins before the market inflation, and the crypto boom was hefty. Draper bought the Bitcoin at $632 each from the authorities of the US.

When it comes to investments in different sources, Draper is an influential figure. According to the sources, Draper has made investments in Baidu, Skype, Hotmail, Tesla, among others. As far as investment in cryptocurrency is concerned, Draper made tons of investments in some of the massive blockchain and crypto startups. Some of the notable cryptocurrency firms where Draper did invest are Authenteq, Tezos, and Coinbase.

The Stance of Cryptocurrency in India

The use and investment in cryptocurrency didn’t receive a red single or ban. People who are using, mining and trading with cryptocurrency could face a tail jail of one to ten years. It doesn’t matter. People who still have involvement in cryptocurrency of any form might give a penalty of around 50 Crore, Inc.

After getting to know about the new bill and the regulations on cryptocurrency, Draper said that the cryptocurrency enthusiasts might consider moving out from the country which is less backward. According to Draper, the people need to have a better life, and with the modern-day cryptocurrency, it is possible. The cryptocurrency enthusiasts were optimistic when Modi came into power, but nothing can be done now.

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