Draper Goes in on Modi in Regards to Corruption

Draper Goes in on Modi in Regards to Corruption
  • Tim Draper, calls out current Indian prime minister Narendra Modi
  • “I am hoping Modi becomes the honest politician, but when he shut down Bitcoin I thought he is going back to the old ways.”
  • Uncertainty on how a crypto ban would actually happen.

Speaking to media outlet based in California, Indica at the end of last month, the pro-Bitcoin VC investor, Tim Draper, called out current prime minister Narendra Modi to think over the present hostile environment towards cryptocurrency.

Draper believes that the nation is leaving itself vulnerable to corruption by attempting to move a ban on cryptocurrencies such as Bitcoin.

Traditional and the now

“I am hoping Modi becomes the honest politician, but when he shut down Bitcoin I thought he is going back to the old ways,” Draper said.

Last year, India banned banks servicing industry companies, with government think tanks now recommending a full crackdown on ownership and use. A court battle to decide the final outcome saw its latest delay last month. 

It is still uncertain as to how the countries state would integrate a crypto ban into reality. The country’s not so great 2016 currency reform saw the value of some paper notes disappear in holders’ pockets overnight which pushed demand for Bitcoin investment. 

As per CT, “proponents argue cryptocurrency aids criminal activity such as money laundering, whereas reducing or even eradicating cash allows for a more transparent economy.”

Draper went onto praise the idea of a currency change but also said that the banning of cryptocurrencies like Bitcoin leaves the door open for more, not less, corruption.

“I thought it was a good move; he is getting rid of corruption and trying to create a corruption-free state, but by blocking Bitcoin, he is creating more corruption and I think that is very dangerous for the country,” he added.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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