Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin worshipper and investor in Tezos has come out to condemn the move.
Now in a strongly worded message, the outspoken investor who recently advocated Bitcoin to the government of Argentina referred to India’s proposed bill as being “pathetic and corrupt.” He tweeted:
“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”
Draper was responding to reports of draft legislation that would allegedly impose a blanket ban on all cryptocurrencies in the country.
As reported earlier, an Indian blockchain lawyer leaked what he described as the proposed draft law that will put a blanket ban on all cryptocurrencies in India.
People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership. Pathetic and corrupt. #India #bitcoin
— Tim Draper (@TimDraper) July 17, 2019
His comments were triggered by an unverified document circulating on social media after it was posted by blockchain lawyer Varun Sethi.
According to the document no person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India. However, the document makes one exception for this rule in the form of something called a “Digital Rupee” which will be used for local transactions.
Date Not Yet Set For The Imminent Ban
Draper’s comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only.
The leaked document indicated that people who hold, trade or mine cryptocurrencies will be handed prison sentences of about 10 years.
Although the alleged bill is yet to be introduced in India’s parliament, lawmakers are coy on giving their views about how the crypto industry should be regulated in the country. Government officials have also come out to disown the alleged bill.
India’s approach to cryptocurrencies has become the perfect example of what not to do. Despite an optimistic crypto industry initially emerging in the country, the authorities, no doubt fearing a loss of control, have cramped any efforts to take the industry up to an extent of jailing some crypto dealers.
The country’s central bank also banned local banks from providing any banking services to crypto-based companies leading an exodus to crypto-friendly countries with exchanges like Zebpay simply moving to Malta.
Draper is not the only one who feels that banning cryptos in India is in bad faith. Other figures within the cryptocurrency community suggested that enforcing such a ban on a decentralized entity like Bitcoin would be nearly impossible. John McAfee has stated that such a move is unlikely to work saying:
“Banning mosquitos after a rain in the summer would stand a better chance of being enforceable.”
Mr. Draper has previously hailed Bitcoin for its potential to replace mainstream forms of currency, calling it earlier this year, one of the greatest technological advances that humanity has ever seen.
Cointelegraph reports that the investor, who holds a significant share of Bitcoin, recently stood by a claim made in 2018 that the cryptocurrency will reach $250,000 by 2023.
Do you think India will ban the use of cryptos in the country? Share with us in the comments section.