Bitcoin Bull and the venture capitalist, Tim Draper got furious after finding the leaked Bitcoin Ban bill of India. He took to his social media platform, to be precise, the Twitter and openly bashed the Indian government labeling them to be “pathetic and corrupt” for not allowing the Cryptocurrency to enter their financial ecosystem. His tweet stated:
Tim Draper’s tweet has attracted negative comments from a large number of Indians who told him that he was mistaken and did not possess the correct information regarding the Bitcoin Ban. It has been said that the proposed bill has not yet taken the shape of the law and that is why technically India has not yet undergone the Bitcoin Ban. The alleged draft that has been passed has not yet been approved and thus holds no value. Following Tim Draper’s post, there has been a spectrum of comments on his Twitter post that included people correcting him on his misconception about the Bitcoin Ban to others bashing the cryptos while some feel that the Bitcoin Ban was vague and should not be banned at all in India regardless of the fact whether it is a bill or a law.
Some has even commented that Tim sounded absolutely like Trump and that the sentiment of Tim cannot be taken negatively since he is one of the strongest bulls of Crypto space who has great influence. Tim had invested in Bitcoin in his early days while he stated that he had invested $250,000 in Bitcoin when the price of Bitcoin was just $6. He had suffered a great loss after the incident of Mt.Gox back in the year 2014 but at the same time he stayed firm on his belief in Bitcoin and as of now, his net worth in cryptos is around $500 million.
The draft bill of India is being circulated all over the internet while the document titled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” is the reason for this mass misconception, although the Bitcoin Ban is very possible. The bill also highlights the introduction of the digital rupee that would be in digital form of the Indian rupee. This rupee would be operated and issued by the Reserve Bank of India. Whether cryptos should be this regulated or not has been a subject of debate for a long time; the draft has a strict stance against cryptos. It states as below:
The Reserve Bank of India has previously persistently avoided the use of cryptos actively. This campaign has led to the shutdown of crypto exchanges in the country due to the massive decrease in the trading volumes. The consequences of this boycott (Bitcoin Ban) have led to the demise of one of India’s fastest-growing and respectable exchanges, Koinex. Although the bill hasn’t yet been passed, there is a huge possibility that it or a similar bill could come into action.
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