Tim Draper has in a tweet stated that the move by the Indian government to restrict cryptocurrency in India is “pathetic and corrupt”. Tim Draper, who is a well-known propagator of Bitcoin and a Tezos investor tweeted his comments on 16 July.
Draper’s Point of View
Tim Draper had reacted to the indications of a ban on cryptocurrencies, which seemed to have surfaced through an alleged draft law, which was published by a lawyer. The draft bill has not yet been tabled in the parliament or debated in the public domain in any way.
However, Tim Draper who is an ardent supporter of the freedom of Bitcoins and other cryptocurrencies has spoken up strongly against this. According to him, this is yet another attempt by a state to interfere in the cryptosphere and disrupt the market processes.
Recently, Donald Trump’s comments on cryptocurrencies have made way for a fresh debate on the issue of government intervention and obstruction to smooth transactions of Bitcoins. This development can be considered a unique rejoinder to it.
Many Indians have hit back at the investor, for his comments. They have claimed that Draper is out of touch with the reality in India and has overreacted, as there has not been any genuine evidence of a ban on cryptocurrencies in the country.
The Contents of the Draft Law
The alleged draft law states that any person involved in dealing with cryptocurrencies, including possessing or mining of the same will be handed a prison sentence of up to ten years. Moreover, according to this document, the government will issue an electronic version of the rupee, which along with its print version will be the only legally accepted local currencies. As these seem to be harsh measures, if this law is brought into action it can be a big blow for the blockchain sector in India.