Billionaire Tim Draper’s take on cryptocurrency ban in India

Timothy Draper who is the Founder and Managing Director of Draper Fisher Jurvetson has recently stated that India will benefit a lot from cryptocurrencies and blockchain as it will enable the government to become more transparent and efficient.

The billionaire venture capitalist is a long-term Bitcoin enthusiast and believes that Bitcoin should be India’s national currency. He thinks that Bitcoin will be acceptable everywhere for transactions within 2-3 years. He also stated other countries will benefit from the ban of cryptocurrencies like Bitcoin in India.

The Reserve Bank of India on Thursday banned all financial firms like banks from engaging with any cryptocurrencies in India. India has been reluctant towards virtual currencies since December 2013 when the Central Bank of India issued a few words of caution. India’s Finance Minister, Arun Jaitley and other top officials have expressed their strong dislike for cryptocurrencies. This stance by India effected the popularity of Bitcoin in India as more and more people from India are reluctant to invest in cryptocurrencies.

He said that ban of cryptocurrencies in India is ‘the stupidest thing’ and when cryptocurrencies were banned in China, all those entrepreneurs and engineers working on this new technology went to Japan as Japan is open to crypocurrencies. He also said that if he had a meeting with the Indian Prime Minister Narendra Modi, he would have let Modi know that he is making a huge mistake.

Tim Draper is known to have bought around 30000 BTC from the United States government auction after the Silk Road seizure of cryptocurrencies. Since then he has made considerable digital currency investments like in Tezos’s $232 million token sale in July last year and he also owns a minority stake in the firm behind Tezos’s code, Distributed Ledger Solutions.

A research conducted by the free internet provider Jana revealed that Ethereum is the most searched cryptocurrency token in India and has a share of 34.6 percent in the overall cryptocurrency searches compared to about 30 percent share of Bitcoin searches.

Draper says:

“Countries which have accepted cryptocurrencies have hugely benefitted from them. The blockchain technology and Bitcoin are the best things to have happened for business”

He added:

“If countries promote entrepreneurship in the cryptocurrency space, it will help attract the world’s best engineers and coders, or else they will end up losing their best and brightest to other regions.”

He also gave an advice to the blockchain and cryptocurrency companies to shift their base to countries that allows Initial Coin Offerings [ICO].

In an interview with Economic Times, he was asked a question ‘will blockchain disrupt the venture capital business?’ he replied:

“Our market is growing smaller because a huge portion of money raised by start-ups is going to be form ICOs. Hence this calls for a need for us to be more flexible and to reinvent. Venture capital Businesses that do that will be successful. This new technology is an opportunity to transform industry and we have to get on-board.”

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